Reykjavik, Iceland -- (SBWire) -- 12/21/2022 --The number of fines being handed out to financial institutions that are failing to implement effective AML Compliance checks continues to rise. Gatehouse Bank has become the latest recipient of a penalty, as the Financial Conduct Authority (FCA) issued a £1.5 million fine to the bank in October this year. This is despite the fact that Gatehouse had anti-money laundering policies in place - the presence of these policies did not ensure their implementation, as the standard for AML Compliance was simply not being met. The FCA cited a case at Gatehouse Bank of a Kuwait-based customer account set up without the collection of any information about the customer's source of wealth. Due to the shortfall in compliance, $62 million was received into the account over two years without any of it properly vetted for money laundering origins.

In handing out the fine to Gatehouse Bank, the FCA made it clear that "there can be no excuse for failures as serious as this one," removing the potential for any poor AML Compliance practices to be explained away. The FCA is committed to holding enterprises to account where a clear weakness has been revealed in the systems in place to defend against money laundering, ultimately perpetuating the problem. The initial fine against Gatehouse Bank was £2.2 million. However, a 30% reduction on that amount was agreed when the bank agreed to settle early in the investigation process.

Lucinity software is specifically designed to make compliance easier for organisations of all sizes and across every industry. A robust system of AML Compliance checks requires the right tech infrastructure and this is something that not every business can afford to create from scratch. Lucinity supports enterprises in minimise the potential for exposure to money laundering by implementing a number of key standards - including AML Compliance checks of the like that would have prevented the significant weaknesses in the way that the account in question was handled at Gatehouse Bank. The platform includes transaction monitoring, the Lucinity SAR manager, as well as detailed actor intelligence that is designed to provide a comprehensive and in-depth perspective on customers. All of this is brought together in a way that optimises both human and artificial intelligence, from the things that humans are good at, such as contexualising, interpreting and planning, to the areas in which AI excels, including analysing big data patterns.

It's this combination of human and artificial intelligence that makes Lucinity such an effective option for AML Compliance checks that really work. The business was first established in 2018 and has continued to evolve looking for a range of new ways to help better support organisations when it comes to money laundering compliance. It is a global enterprise, with a mission to Make Money Good. Today, Lucinity operates across a network of locations that includes New York and London, as well as Brussels and Reykjavik. Core principles, such as respect and empathy, ensure that the business remains aligned with clear objectives as it expands.

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 AML Compliance 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.