Reykjavik, Iceland -- (SBWIRE) -- 08/12/2022 -- The anti-money laundering solution market is growing at a healthy pace all over the world, with North America one of the main locations where the market is expanding. AML solutions represent a lifeline for many organizations in terms of providing an effective way to reduce exposure to financial crime. Forecasts indicate that the market for AML solutions - valued at $1.15 billion in 2019 - is likely to reach $3.15 billion by 2029. This represents a CAGR of 18.5% over the 10 year forecast period. Major players, such as Honeywell International Inc, Google, Hitachi Ltd and Qualcomm Technologies continue to provide AML solutions globally as demand increases. The market is also expanding to make space for businesses like Lucinity, which offer targeted AML solutions that are specifically designed for ease of use and maximum impact.
From the pandemic through to the proliferation of technology and an increasing reliance on digital payments, there are many factors that have had an impact on how the market for AML solutions has increased in size - and will continue to do so. Companies such as Lucinity, which offer a simple-to-use and continually improving product, provide a lifeline to organizations that are looking to invest in practical AML solutions that really work. As the range of threats continues to increase and cyber criminals become more adept at working the system it's increasingly vital to have safeguards in place.
That's especially so because money laundering is a crime that fuels crime and which has extensive societal implications. Lucinity has developed its highly effective AML solutions in order to be part of the movement working to Make Money Good™. That includes integrating all the best features of both artificial and human intelligence and combining the two to create tools to help businesses know customers better and stop the funding of serious crime all over the world. The Lucinity platform delivers on three key levels - transaction monitoring to revolutionize how businesses approach money laundering, actor intelligence to enable a holistic view of customers and the SAR Manager to streamline the reporting process.
Since its launch in 2018, Lucinity has become well established as an AML solutions provider with a global reputation. Today, the firm has offices in Reykjavík, New York, London and Brussels and has established a firm set of values from which to expand. These include a focus on continuous learning, information sharing and human respect and empathy.
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 AML Solutions visit https://www.lucinity.com
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For more information about Lucinity services, please go to https://www.lucinity.com.
About Lucinity
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.