Reykjavik, Iceland -- (SBWire) -- 08/12/2022 --AML Compliance and AML Compliance Software have come under the spotlight in recent months thanks to a number of high profile money laundering cases that have unsettled the Nordic region. This includes the 2018 €200 million money laundering scheme connected to the Eastern European and Russian branches of Denmark's Danske Bank. The response to various scandals in the region came from Nordic banks, which requested that the IMF conduct an independent review of the region's money laundering and terrorism financing risks. This has given various regulators many more tools to help strengthen protection in the area, which is what you need to know about the measures in place in Nordic banking today.

Nordic regulators include The Iceland Central Bank, the Financial Supervisory Authority of Norway, the Financial Supervisory Authority of Sweden, and the Danish Financial Supervisory Authority. Following the IMF report, a number of key measures have been put in place by these authorities to create a safer environment in the Nordic region, including information sharing, moving away from manual compliance to the use of tools such as AML compliance software, and ensuring that employees receive more compliance training.

Financial crime technology solutions, such as AML compliance software, have moved up the list of priorities for regulators in the Nordics today. Automated screening and improving the speed and accuracy of screening processes are now being prioritized and investments made in areas such as AML compliance software are already starting to pay off.

Lucinity has its headquarters in Reykjavik and has been closely following the evolution of anti-money laundering in Nordic banking. Over the past couple of years, it has become increasingly obvious that better, faster tech solutions are vital in the battle against financial crime. Lucinity's own AML compliance software provides a prime example of the way that technology can be used to simplify - and optimize - resources that are available to ensure compliance. The platform has been specifically designed for ease of use, making data accessible and clear, and integrating the best of artificial and human intelligence through its 'Human AI' approach.

While Lucinity has developed an exceptional AML compliance software product, the foundations of the business have also served to ensure that it is able to establish strong partnerships and work with key organizations globally. Lucinity is part of the global Make Money Good™ movement and, ever since it was founded in 2018, has reiterated a commitment to helping customers stop the funding of serious crime all over the world. The business' key values include information sharing, understanding respect and empathy, as well as shared intelligence and quiet strength.

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

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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.