Reykjavik, Iceland -- (SBWire) -- 02/10/2023 --The latest intelligence suggests that around $2 trillion is being laundered annually and financial crime is increasing by the year. This is a crime that drives other crimes and is far from victimless - the most vulnerable are often exploited and money laundering can undermine the very fabric of the societies that it exists in. Which is why it is becoming so vital to find better solutions for anti-money laundering compliance and data sharing and technology are going to have a key part to play in this.

Currently there are many challenges to using data sharing and technology for improving anti-money laundering compliance. In particular, siloed data is a real problem, usually as a result of legislative and regulatory factors as well as technical issues. Combining financial data across different parts of the ecosystem, from law enforcement to banking means establishing better partnerships and overcoming barriers such as legislative and financial challenges. In fact, cross-ecosystem collaboration is what holds the key to more effective anti-money laundering compliance. Currently, most financial services systems are in a state of being reactive to developments in money laundering and this leaves them very exposed. The alternative - a sophisticated, interlinked framework between public and private institutions - could be made possible by technology, which could enable more effective data sharing globally. Automation, machine learning and AI also all have a part to play in the way that technology and data sharing can be used to improve anti-money laundering compliance.

Lucinity is one of a number of pioneers making it easier for data sharing and technology to be more widely used in anti-money laundering compliance. The platform is designed around the idea of combining the best elements of both human and artificial intelligence to create the ultimate tool for anti-money laundering compliance. For example, including everything that humans are good at, such as interpreting, contextualizing and creatively combining numbers, as well as the ways that artificial intelligence excels at analyzing big data patterns, crunching numbers and memorizing large amounts of data. This combined approach has created a highly effective system that incorporates everything required for more effective anti-money laundering compliance. This means robust transaction monitoring as well as comprehensive actor intelligence and SAR management. The team's passion is for simple to use systems that work with those who are looking to improve anti-money laundering compliance and not against them. That's exactly what has been achieved at Lucinity.

The business was established in 2018 and has grown significantly since then. Today, Lucinity has a well-honed global network that includes offices in locations such as London, New York, Brussels and Reykjavik. Given the increasing importance of using data and technology for anti-money laundering compliance - which is what the Lucinity platform is all about - the business is set for a busy year ahead. Collaboration and knowledge sharing have been a key part of the core values on which the business has grown, as well as using a quiet strength to empower Lucinity 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.