Reykjavik, Iceland -- (SBWire) -- 12/21/2022 --Money laundering is a crime that generates many costs, from financial losses through to human lives. In an effort to stem the tide of financial crime, financial institutions worldwide are now increasingly investing in AML Solutions. In fact, in 2020, they spent an estimated $214 billion on financial crime compliance. The potential cost to the business of extensive money laundering - as well as the penalties that are being handed out by regulators in ever higher numbers, make these investments worthwhile. However, they do still take up a significant proportion of the budget for any organisation, large or small. Technology has proven to be a game changer when it comes to implementing AML Solutions - machine learning and AI, in particular, have a lot to add when it comes to changing the way that enterprises tackle money laundering.

In a recent report, McKinsey identified that it was in the field of transaction monitoring where the most benefit is to be gained from investing in AML Solutions. Here, machine learning can be combined with other sophisticated algorithms, including gradient boosting and deep learning, to help optimise the investment that is being made in AML Solutions and make them more effective. Leveraging granular, behavior-indicative data to build sophisticated algorithms is what machine learning models do and this is much more efficient and effective than many existing rules-based approaches. It's clear that criminals have had the advantage in money laundering up to this point. However, machine learning and AI could finally provide the advantage that organisations have been seeking.

It's this kind of insight that caused Lucinity to focus on integrating AI into its AML Solutions platform. This is a technology that integrates the best of AI and machine learning with key attributes of human intelligence, including the abilities that humans have when it comes to contextualising, interpreting and creatively combining numbers. Every element of Lucinity software has been designed to make it easy to implement effective AML Solutions, from the comprehensive transaction monitoring - which offers better detection and faster review - to the actor intelligence, which is backed by comprehensive data analysis. The platform also includes the Lucinity SAR Manager, which makes it simple to file and manage all SARs in one place. The motivation behind all of this is to Make Money Good and to give every organisation the tools to minimise the potential for exposure to money laundering.

This has been Lucinity's mission since the business was first established in 2018. It has come a long way since then, including expanding into a number of new offices, such as London, Brussels and New York. Key core values guide everything that the team does and ensure that Lucinity expands its AML Solutions in alignment with its principles. These values include shared intelligence, the pursuit of excellence with integrity and humility - as well as nurturing the kind of quiet strength that empowers the business and its clients in the fight against financial crime.

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 Solutions https://www.lucinity.com" href="">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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- 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.