Reykjavik, Iceland -- (SBWIRE) -- 09/30/2022 -- Artificial Intelligence (AI) has a lot to offer when it comes to anti-money laundering monitoring. This advanced technology has the potential to make AML measures even more effective and to enhance investments in anti-money laundering monitoring. That's why so many businesses are now planning to increase the volume of investment in AI for this purpose. In fact, one recent survey found that 57% have either deployed AI in anti-money laundering monitoring processes or are planning to do so in the near future. And a third of finance firms are accelerating their use of AI in order to make existing measures more effective. These are vital steps for any business in the finance industry to take, especially as the UN estimates that $2 trillion in tainted money is moved illegally on a global level every year.
Money laundering is a crime that facilitates other crimes and finance firms are often used by criminals to hide cash that is related to organised crime. It has taken some time for the finance industry - regulators and firms - to get to grips with the opportunities that technology presents for better anti-money laundering monitoring. But today there is a clear and widespread understanding that tools such as AI can make a huge difference to the exposure that individual finance firms have. 40% of those who are planning to increase investment in AI want to use it for improving the quality of investigations and regulatory filings while 38% cite the motivation as reducing false positives and the operational costs that can result from them.
Lucinity is ahead of the game when it comes to AI integration. The Lucinity platform has been developed on the basis of Human AI, which brings together some of the optimum aspects of artificial intelligence with the unique abilities of humans. Together, these provide a way forward that optimises measures to help improve compliance risk monitoring and make preventative steps easier to implement. Ease of implementation has been a big part of the way that Lucinity software has been developed - the easier it is for businesses to upgrade anti-money laundering monitoring and measures, the simpler it will be to stop illegal activity, going forward. Faster tech solutions are an essential part of progress in this climate where there is very little margin for error, especially for financial firms. Overall, Lucinity is committed to Make Money Good and empowering organisations through innovative technology to minimise the impact that money laundering can have on a business on global level.
Lucinity was established in 2018 and the firm has been continuously evolving its software ever since. Today, it is not just a very effective form of anti-money laundering monitoring and compliance but can also help businesses achieve productivity improvements. This is part of the ethos of Lucnity that AML compliance shouldn't be hard but simple to integrate and use. It's been this approach that has allowed the firm to take its business global - today it has offices in Brussels, New York, London and Reykjavik. Also key has been the commitment to key values that matter, including shared intelligence, human respect, empathy and understanding and leveraging a quiet strength to empower businesses against financial crime.
About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to Make Money Good. Lucinity aims to solve productivity and efficiency issues for financial institutions through the company's 'Human AI' approach, a toolset that combines next-generation AI with human insights and expertise.
By leveraging AI, the AML software learns from every interaction and continues to improve indefinitely, providing fewer false positives and saving time. This is on top of its best-in-class interface and visualizations that put users first. Professionals can experience Lucinity's AML compliance solution, including transaction monitoring, through a free demo environment available on https://www.lucinity.com/signup.
Lucinity operates globally, with headquarters in Reykjavík, and serves customers ranging from Tier-1 banks to FinTechs.
Company Quote
Founder and CEO, Guðmundur Kristjánsson, comments, "Lucinity's unique experience in banking, compliance, regulation, and data science has helped us develop a new approach to tackling money laundering—harnessing the best of human intelligence and augmenting it with advanced AI.
Our simple-to-use systems work with analysts, not against them, complementing their skills and making them superheroes so they can take on financial crime, saving institutions time and money in the process.
We believe that by transforming AML, we can have a tremendous positive impact on society. Money laundering is a crime that fuels crime. That is why we set out on the mission of Making Money Good."
To find out more information about anti-money laundering monitoring visit https://www.lucinity.com
Lucinity are regular attendees at Anti-Money Laundering and FinTech Conventions around the world. To find out about upcoming Lucinity events visit https://www.lucinity.com/events
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For more information about Lucinity services, please go to https://www.lucinity.com.
- Lucinity is an AML software company, founded in 2018, with offices in Reykjavík, New York, London and Brussels. Using advanced AI systems, we help banks discover money laundering and really know their customers, more efficiently – to stop the funding of serious crime across the world.