Reykjavik, Iceland -- (SBWIRE) -- 08/12/2022 -- According to a report released in July 2022, the Anti Money Laundering software market is expanding fast. In fact, by 2027, it looks set to reach a value of US$4 billion, which represents a CAGR of 13%. This expansion is being fuelled by factors such as the increasing demand for financial tools, as well as the significant rise in online transaction processing in recent years, driven by influences like the global pandemic. This increase in the demand for online payment opportunities has created a wide range of different illegal routes for money laundering activity and made it even more challenging for organizations and regulatory bodies to defend against criminal activities. Widespread use of e-commerce service and the ease with which it's possible to register online as a merchant have also facilitated an international growth in illegal activity. As a result, Anti Money Laundering software is increasingly in demand to help stem the flow of criminal funds and combat money laundering worldwide.
According to the same report North America is forecast to lead the Anti Money Laundering software market, in terms of revenue, followed by the Asia Pacific region. North America already dominates around a third of the market for Anti Money Laundering software and is forecast to maintain this dominance through to 2027. The market in Asia Pacific is likely to expand by a CAGR 14.2% while European and South American markets for Anti Money Laundering software are primed to expand modestly.
Lucinity is part of the fast-growing North American Anti Money Laundering software market, with offices in New York, as well as other key global locations including London and Reykjavik. The Lucinity platform is Anti Money Laundering software that has been created with ease of use - and maximum impact - in mind. It incorporates vital artificial and human intelligence, taking the best from both worlds in order to design a continuously improving product that is simple to use. The firm's commitment to Make Money Good™ means it is part of a global movement that includes some of the biggest names in technology and which is helping to stop the funding of serious crime all over the world.
Since Lucinity was established in 2018, the platform has become a go-to for organizations focused on optimizing the use of Anti Money Laundering software to help minimize exposure to the proceeds of financial crime. Continuous learning remains a cornerstone of the Lucinity platform, which is designed to deliver not just as Anti Money Laundering software but also when it comes to productivity and efficiency gains too.
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 software 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.