Reykjavik, Iceland -- (SBWire) -- 07/29/2022 --Combating money laundering across the EU has been a key priority for the European Union for many years. And in July last year it received a major boost with plans presented by the European Commission to create a central EU authority to help fight money laundering across the region. The Anti-Money Laundering Authority (AMLA) won't take over responsibility for the fight against money laundering - that will remain with individual member states. However, AMLA will fulfill the function of coordinating and supporting the application of EU regulations across Europe. It will also be given a number of significant powers that are going to have an impact when it comes to compliance risk, among them these two critical functions:

1. A supervisory role over large financial institutions. Where AMLA sees the need for urgent action on money laundering, it can carry out inspections and order administrative actions.

2. Coordination of national efforts. It will fall to AMLA to oversee the supervisory authorities of individual member states and ensure Europe-wide coordination in terms of compliance risk and the fight against money laundering.

Although AMLA doesn't yet exist there are plans to bring it to life very soon. In fact the European Commission has indicated that it will be established by 2023 and fully up and running in 2024. At the moment there has been no confirmation in terms of the location for AMLA but many think that this is likely to be Vienna.

Lucinity's mission to Make Money Good is very much aligned with the efforts of the European Commission in terms of making it much harder for money laundering to taint the financial sector on the continent. Software developed by Lucinity is designed to help firms better manage compliance risk and cement the structure that is in place to help minimise the potential for money laundering. The firm has focused on a combination of human and artificial intelligence when it comes to mitigating compliance risk. As a result, Lucinity software brings together a number of key functions, from the ability of AI to crunch numbers and assess probabilities to the way that humans are able to deal with planning and execution. The end result is a system that is not only easy to use but which is also very effective.

The vision that Lucinity has developed is focused on creating a product that actually works and is aligned with its own internal values, which include sharing data and knowledge to continuously improve and accelerate progress. The company was established in 2018 and has expanded into multiple locations to help deliver its vision with offices in Reykjavík, New York, London and Brussels.

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 Compliance Risk 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.