Reykjavik, Reykjavik -- (SBWire) -- 02/13/2023 --The use of remote customer onboarding solutions has been an area of some confusion in AML Monitoring terms. But recent guidelines from the European Banking Authority (EBA) have now provided some clarity. The guidelines have emerged from the mandate that the EBA has to lead, monitor and coordinate the fight against money laundering and financial terrorism in the EU. Contained in the guidelines are the steps that credit and financial institutions need to ensure are in place to help counter money laundering that benefits from processes such as remote onboarding of customers. Any credit or financial institution that falls within the scope of the Anti-Money Laundering Directive will need to comply with the guidelines.

In the context of remote onboarding of customers, the guidelines set out the processes and policies that need to be followed in order to ensure effective AML Monitoring and protection is in place. This includes a number of different steps, such as effective due diligence and sensitive initial customer processes that will protect financial institutions against exposure to financial crime. Some of the provisions of the guidelines include instructions on how to carry out a pre-implementation assessment and how policies and processes should be approved and overseen when they are in place. There are also instructions on how to implement remedial measures where those that already exist are identified as weak or deficient. The new guidelines should help to tighten the net when it comes to remote onboarding and illicit finance and make AML Monitoring much more efficient.

The range of threats and risks for credit and financial institutions continues to increase so the clarity provided by these guidelines is key. AML Monitoring is a necessity for every institution today - and for every enterprise keen to steer clear of the issues that can arise from being touched by money laundering. Lucinity software has been designed to help with this, to support companies in doing better, whether that relates to remote onboarding or other challenges, and to make this easier every time. The platform includes extensive AML Monitoring, as well as detailed actor intelligence and comprehensive SAR management. It has been designed to be effective and yet simple to use so that it can be implemented across an entire organisation. By leveraging both artificial and human intelligence the team at Lucinity has created AML Monitoring that takes protection to the next level.

Make Money Good is a mission for the team at Lucinity and the business is continuously working towards achieving this. It was established in 2018 and has grown significantly since then, as the demand for effective AML Monitoring has spiraled. Today, Lucinity has offices all over the world, including locations such as London, New York, Brussels and Reykjavik. It continues to stay committed to a number of core values that steer the direction that the business takes. These include empathy and respect, shared intelligence and using a quiet strength to combat money laundering on a worldwide basis.

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

Ends

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

Notes to Editors:

- 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.