Reykjavik, Iceland -- (SBWire) -- 02/10/2023 --In December 2022 the European Banking Authority launched a public enquiry around guidelines aimed at the risks involved in providing access to financial services in the context of money laundering and terrorist financing. The purpose of the guidelines is to ensure free and fair access to financial services for all users and that no one is being denied the financial services that they need for reasons that aren't valid. We all need access to basic financial products - this is one of the foundations of modern life and something that most of us today take for granted.

The aim of the consultation is to help financial institutions find new ways to deal with risks associated with money laundering and terrorist financing without denying financial products to people who are actually entitled to them. The Guidelines that are the subject of the consultation set out what institutions need to do to better tackle the risks inherent in money laundering and terrorist financing and how to manage these risks more effectively. They also clarify a number of situations that could lead to access to financial services being denied on the basis of money laundering and terrorist financing, for example where someone isn't able to provide a valid form of identity. While it's vital to ensure that AML Solutions are in place to catch those who are looking to move illicit funds, it's equally critical that those systems don't deny access to financial services for people who need them.

The way that AML Solutions function must take into account variations such as those described in the EBA's guidelines - to ensure that they don't have the wrong impact on consumers. This calls into question the effectiveness of existing AML Solutions and how more advanced and sensitive systems can produce better results. Lucinity is a platform that not only makes it simple for organisations to do better when it comes to money laundering but which also creates opportunities for greater productivity and efficiency across the business. It can also help to reduce alert fatigue in compliance risk processes. One of the reasons why the Lucinity AML Solutions work so well is because they integrate the best of both human and artificial AI. That means the human skills of interpreting and contextualising as well as the AI skills of memorising large amounts of data and crunching numbers. The end result is a system that optimises how businesses respond to the risks that arise around money laundering.

Lucinity has developed a comprehensive AML Solutions platform that includes key elements such as transaction monitoring, actor intelligence and SAR management. Ever since the business was established in 2018 it has continued to evolve a product that is supportive to organisations of any size. Today, the company has a reach that extends worldwide and a sizable global audience. Lucinity has a presence in New York, London and Brussels as well as Reykjavik - and the team continues to grow.

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.