Reykjavik, Iceland -- (SBWIRE) -- 07/28/2022 -- A report released in June this year revealed that Nordic bank Nordea and Norway's DNB banks have been the conduit for billions of euros of suspicious origin - at least €3.9bn -, creating yet another new money laundering scandal for the region. Information obtained by a Finnish broadcasting company showed that at least a part of the money that has been funneled through these banks is related to money laundering. The information comes from internal investigation reports at the banks - which have been leaked - and which show a number of problematic money transfers connected to branches in locations such as Latvia and Lithuania. The internal reports also indicate that bank employees may also have been involved in money laundering.
The banks involved have not commented directly on the reports, other than Nordea confirming that audits have been carried out involving banking activities in the region (in which no prior issues were discovered). Some of the information that could be key in terms of revealing the extent of the issue can't be given to the media by law, which is why the banks involved may have chosen not to be fully transparent. Most banks today have anti-money laundering protection in place, including AML software, and authorities are becoming increasingly intolerant of situations where scandals like this arise.
AML software from Lucinity is specifically created to help identify - and block - the channels that made this money laundering scandal possible at the Nordic banks. The AML software is not only technologically advanced but also designed to offer an easy user experience and to be super accessible. Making anti-money laundering simple is one of the most obvious ways to help curb this kind of crime. Lucinity has achieved this by bringing together the strengths of human intelligence - such as contexualising and interpreting - with everything that AI has to offer, including memorising large volumes of data and number crunching. The end result is AML software that has the potential to really make a difference.
What has been especially vital for Lucinity is building AML software that has the right focus. That's why the company is rooted in key values, including information sharing and respect, and empathy for all humans involved in the process. Since Lucinity was first established in 2018 it has gone on to create a network of locations in Reykjavík, New York, London and Brussels and spread its message of Making Money Good on an international level.
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 Software visit https://www.lucinity.com
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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.