Reykjavik, Iceland -- (SBWire) -- 10/17/2022 --16 billion Euros is reportedly laundered in the Netherlands every year. This is a country that has a very highly developed financial sector, as well as many other significant risk factors such as being a major commercial transportation hub. In fact, the ratio of banking assets to the GDP of the Netherlands is 314% (in 2020). As a result, the threat of money laundering in the Netherlands is significant and in recent years there have been some sizable sanctions handed out to banks here. For example, the Dutch bank ABN Amro was fined 480 million Euros for issues that led to a number of its accounts being used for money laundering. Rabobank - another Dutch bank - was also fined for poor AML practices and not having customer files properly organised.

So, the threat of money laundering continues to loom in the Netherlands despite legislation such as the Wwft (Prevention) Act, which has been put in place to try and minimise this risk. The Netherlands has its own watchdog - the Financial investigation Unit - and this acts as the main driver of AML prosecution in the Netherlands. And the Unit does have its work cut out because a 2011 FATF report identified that the Netherlands was susceptible to money laundering and eight years later the next National Risk Assessment for the country found that it was still vulnerable to this kind of financial fraud. Some of the key areas of vulnerability are those faced in countries worldwide, including the methods that increase the anonymity of transactions, such as using cryptocurrencies for money laundering.

The Netherlands is not alone in its vulnerability to money laundering - many countries across the world face the same race to try and close loopholes and policy shortcomings that allow these transactions to continue to take place. Lucinity is now making a positive contribution to these efforts on a global level. The Lucinity platform genuinely empowers organisations in sectors such as the Netherlands' booming financial industry to stay compliant when it comes to money laundering without restricting growth. The software has been specifically designed to be genuinely useful, not just a tick box exercise. In addition to improving AML compliance for any organisation, the Lucinity platform has features that also help to improve overall productivity within a business and minimise alert fatigue with respect to compliance risk monitoring processes. Technology is a key tool in the fight against the threat of money laundering and Lucinity is empowering businesses to do more.

It's key for any country with vulnerabilities to invest more in combating the threat of money laundering, as this is a crime that fuels other crimes. The global nature of money laundering requires a global response and this is something that Lucinity is striving to support every day. The company was established in 2018 and since then has built an international network that includes locations such as Brussels and Reykjavik, London and New York. This growth has been fuelled by a combination of technological innovation and insight, as well as the business' commitment to strong core values.

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 the Threat of Money Laundering 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

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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.