Reykjavik, Iceland -- (SBWire) -- 02/10/2023 --You may or may not have heard the term 'snow washing.' This is being used to refer to the money laundering that takes place within Canada's borders, so big has the issue become. The reason that snow washing has become such a popular phenomenon for criminals looking to launder illicit money is because Canada has opaque corporate reporting laws that have made it possible for companies looking to launder money to do so easily, turning the country into a money laundering hotspot. It also has a huge and abundant economy where there are lots of genuine transactions taking place and this makes it much easier to hide the laundered transactions behind the legitimate ones. According to the Criminal Intelligence Service of Canada it is estimated that around $45 billion to $113 billion is laundered in Canada annually.

The rule of law in Canada has also provided another challenge when it comes to anti-money laundering compliance because this requires such a high burden of proof. It can take a lot of time to gather evidence and require operations across multiple jurisdictions, which is often not the best approach where illicit transactions are concerned. The Canadian government - like every other - is taking action to ensure that higher standards of anti-money laundering compliance are in place. The recent Cullen Commission report exposed serious gaps in resources, legislation and expertise in the approach being taken in British Columbia where anti-money laundering compliance is concerned.

Lucinity is one of a number of sophisticated companies focused on supported jurisdictions like Canada where such serious challenges to anti-money laundering compliance exist. The platform is designed to be intentionally easy to use, which means that it can benefit small businesses and corporate institutions alike. It integrates the best elements of human intelligence and the most effective parts of artificial intelligence to create a system that is genuinely effective in the fight for anti-money laundering compliance. Lucinity software contains all the most vital tools for implementing more effective anti-money laundering compliance. This includes transaction monitoring with better detection, faster review and super-efficient SAR management, as well as actor intelligence that provides a holistic view of customers. Minimizing vulnerability to financial crime is vital for all governments and organizations today and this is exactly why Lucinity exists. It provides a wealth of protection, the peace of mind of anti-money laundering compliance as well as tools to support greater productivity and reduce alert fatigue in compliance risk monitoring processes.

Since the company was first established in 2018, Lucinity has continued to go from strength to strength. Today its network includes offices in London, Brussels, New York and Reykjavik. The business has been grown on the basis of a number of core values that are designed to keep it aligned with Lucinity's purpose to Make Money Good. These include nurturing understanding, respect and empathy, focusing on shared intelligence to continually improve and accelerate progress, as well as using a quiet strength to empower 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 turn legacy AML compliance into faster, smarter augmented intelligence tool. 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 including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Guðmundur Kristjánsson, comments, "Lucinity means "shine a light," because we illuminate dark finance and shed light on compliance. Our intuitive systems are simple to use, complementing the skills and ingenuity of compliance professionals.

Lucinity makes them superheroes to take on financial crime, saving institutions time and money. By transforming AML compliance, we can have a tremendous positive impact on society. That is why we set out to Make Money Good and create faster, smarter AML."

Start to Make Money Good

To book a Demo of the Lucinity AML Compliance Software visit https://www.lucinity.com/book-a-demo

To find out more information Anti money laundering monitoring 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

For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.

For all other enquiries please contact Lucinity at https://www.lucinity.com/contact

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.