Reykjavik, Iceland -- (SBWIRE) -- 10/21/2022 -- The Netherlands has been identified as at serious risk when it comes to money laundering practices in the country. Given that roughly 16 billion Euros is laundered here on an annual basis there is a clear need for improved AML Compliance in the Netherlands. Despite the measures taken by the Dutch government and the Financial Intelligence Unit, vulnerabilities remain and these leave financial institutions, as well as Dutch society, open to the consequences of money laundering. Those consequences can be broad - this is a crime that fuels other crimes and can significantly undermine the fabric of society - and so there is a driving need for improved AML Compliance in the Netherlands at every level.
The Financial Intelligence Unit has already done great work in improving the way that AML Compliance is implemented in the Netherlands. Financial institutions are obliged to report any suspicious activity to the Unit, including investment firms and cryptocurrencies providers. However, money laundering transactions still happen every day in the Netherlands and this has resulted in some pretty public sanctions and fines for Dutch banks including ABN Amro and Rabobank. This has had a knock-on impact on the confidence that people have in Dutch banks and led to the creation of a collaboration between some of the biggest banks in the Netherlands to try to prevent money laundering and improve AML Compliance nationally. Cooperation is the key to combating international financial crime, as well as integrating cutting edge tech support.
When it comes to AML Compliance technology, the Lucinity platform leads the way in Europe and the Nordics region, providing a genuinely useful tool to minimise exposure to money laundering. Since the firm was first established in 2018 it has grown alongside businesses in financial sectors to provide a smart set of tools designed to make it easier for organisations to achieve AML Compliance. These tools include actor intelligence, transaction monitoring and comprehensive SAR management. All are driven by the firm's unique focus on optimising both artificial and human intelligence. The Lucinity platform is designed to bring the best of both of these together, such as the contextualising and interpreting skills that the human mind provides and the number crunching and big data analysis that artificial intelligence can do so well. The result is software that is genuinely useful as an AML compliance tool.
The Lucinity platform is designed to give organisations more options when it comes to AML Compliance. It not only helps to strengthen defences with robust monitoring and insightful tech but also provides opportunities to improve productivity and minimise the potential for alert fatigue in compliance risk processes. The popularity of the platform has grown significantly as Lucinity has expanded internationally. Today, the firm's network of offices includes London, New York, Brussels and Reykjavik - and continues to grow. This growth is stimulated by innovation at the company, as well as expansion on the basis of core values that set Lucinity apart from many in the market and continue to make it a voice of quiet strength against this global financial crime. Those core values include continuous learning, shared intelligence and human empathy and respect.
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 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.