Reykjavik, Iceland -- (SBWire) -- 02/10/2023 --A new report from the US Treasury has identified just how much more oversight is required in the fintech sector to help ensure AML Compliance. The report - "Assessing Impacts of New Entrant Non-Bank Firms on Competition in Consumer Finance Markets" - highlights how the fintech market is creating a wealth of new opportunities and advantages for consumers but also many loopholes in security. Consumer protection and market integrity, in particular, are at risk from the practices that currently exist in the fintech sector. In order to help protect consumers and ensure sustainable competition, the Treasury report has identified that increased oversight of consumer financial activities of non-banks is going to be vital for AML Compliance going forwards.

The detail of the report looks at the gaps in AML Compliance risk management and how these could be addressed. It proposes a number of ways to ensure fair, transparent and competitive markets including a clear and consistently applied framework for bank-fintech relationships, enhancing supervision of lending relationships to ensure compliance with consumer protection as well as investment in, and support for, innovation by the US regulator. The report is one of a series that has been created to assess competition in a range of different areas of the US economy. It has been generated under President Biden's July 2021 Executive Order, "Promoting Competition in the American Economy" and is designed to identify how authorities and regulators can play a role in fair and responsible competition that benefits consumers and their financial wellbeing.

AML Compliance is a vital component in protecting consumers, as well as the fabric of society which can be undermined by the exploitative nature of money laundering. This is a crime that drives other crimes so it's vital for countries like the US to set the precedent when it comes to taking action against it. Lucinity has provided organizations across the spectrum, including those in fintech, with a simple solution to the increasingly stringent requirements for AML Compliance. The Lucinity platform is designed to be simple to use but highly effective. It integrates the best elements of artificial intelligence as well as the most effective parts of human intelligence, leveraging both to create a highly effective system. This software includes comprehensive transaction monitoring as well as extensive actor intelligence and sophisticated SAR management. It is accessible and user-friendly but designed to offer a sophisticated AML Compliance solution that meets every need.

Lucinity has been developing the platform since the business was first established in 2018. Today, Lucinity is used on a global basis and the company has a number of offices worldwide, including in London, Brussels, Reykjavik and New York. AML Compliance is rising to the top of the agenda for every organization today, whether an SME or a global entity and Lucinity provides a vital tool for ensuring that standards can be met. As it continues to evolve, Lucinity works every day towards the business' mission to Make Money Good.

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.