Reykjavik, Iceland -- (SBWIRE) -- 10/17/2022 -- Iceland is an innovative place for startups and the country has a strong track record in terms of pioneering tech such as AML Compliance Software. The innovation culture here is very much focused on two areas, the first being blockchain-driven innovation that is crossing the boundaries between Web3 commerce, gaming and FinTech and the second being the rising number of AML startups. Companies like Lucinity are changing the tools that organisations have to battle financial crime using cutting edge technology, such as artificial intelligence. Iceland is a country that is pushing the boundaries across all elements of tech infrastructure - three Non-Fungible Token (NFT) marketplaces have launched in the past few years alone - and helping to drive development. The country's burgeoning Web3 hub shows just how much more important digital assets are becoming.
Iceland is also a key innovator in the AML Compliance Software and anti-fraud space and the advances in AI-powered technology in this field have been impressive. It's now possible for digital services to verify users with government documents thanks to the huge strides that have been taken by startups in Iceland in terms of automated identity verification. Part of the reason for Iceland's uptick in innovation - according to Lucinity CEO Gudmundur Kristjansson - is because Iceland has both a large and well-connected financial services industry as well as a thriving FinTech scene. The combination is the perfect environment for cutting edge development and innovation in areas like AML Compliance Software.
The pioneering role that Lucinity plays when it comes to AML Compliance Software is clear from the prominence that the firm has in Icelandic innovation culture. Key to this has been not only the expertise at the firm but also the accessibility of the platform. Lucinity has been designed to be very easy to use and to give organisations an effective way to reduce exposure to financial crime. It has a number of key elements that facilitate this, including transaction monitoring and SAR management. The company's focus on ease for efficiency has also led it to add functionality to the platform that provides for improved productivity for businesses that use it, as well as key goals such as reducing alert fatigue in compliance risk monitoring processes.
Lucinity was established in 2018 and has come a long way in a short time thanks to a focused and committed team and the level of expertise at the firm. Today AML Compliance Software is employed on a global level, which is why the business has offices in London, New York, Brussels and Reykjavik. The business has grown quickly but consistently and the focus on values, mission and culture have ensured that the spirit of the team has stayed constant throughout. Lucinity is anchored in robust values that drive both innovation in AML Compliance Software and a culture that celebrates both human and artificial intelligence. These values include the pursuit of excellence as well as human empathy and respect. This is a combination that continues to create the kind of momentum that is putting innovation in Iceland on the map.
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 Compliance Software visit https://www.lucinity.com
Lucinity are regular attendees at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events visit https://www.lucinity.com/events
For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.
For all other enquiries please contact Lucinity at https://www.lucinity.com/contact
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.