Reykjavik, Iceland -- (SBWIRE) -- 09/16/2022 -- "Strong and decisive action" is how The Cullen Report described the measures that are now necessary for organizations to combat money laundering on a global level. The author of the report, Commissioner Austin Cullen, said that money laundering is currently flourishing in British Columbia and that steps will need to be taken by every business to ensure that this doesn't continue to be the case. Robust anti-money laundering solutions protect economies and businesses within them - The Cullen Report made it clear that in Canada these measures need to be significantly beefed up. The 1,800+ page document is fairly brutal in its assessment of how serious the problem is and the necessity of implementing anti-money laundering solutions quickly.
Among many of the highlighted issues in The Cullen Report was the fact that British Columbia's horse racing and gambling industries facilitate the laundering of hundreds of millions of dollars every year. Cullen also said that those in the accounting industry often face many more risks when it comes to money laundering and recommended that the regulator do more with respect to anti-money laundering solutions. Other recommendations in the report included tighter controls on casinos, improving the transparency of land ownership records and dissolving the bureaucracy that currently prevents different government agencies from working together on anti-money laundering solutions and monitoring.
The necessity of anti-money laundering solutions in every industry and every country is something that Lucinity has been working to support since the business was first established in 2018. The Lucinity platform seeks to make this very simple through software that is not only easy to use when it comes to transaction monitoring but also delivers a holistic perspective of customers. Not only that but Lucinity has incorporated a number of different measures in its platform that offer firms the opportunity to improve efficiency and help to reduce alert fatigue in the monitoring process. It is software that is intended to simplify anti-money laundering solutions and to empower enterprises of all sizes, and across industries, to minimize exposure to this crime.
Established in 2018, Lucinity has grown quickly in recent years and the firm now has offices in Brussels and Reykjavik, London and New York. Delivering robust anti-money laundering solutions for organizations internationally is work that Lucinity has built on a set of very clear principles and values. The focus has been to design a product that genuinely makes it easier for businesses to use anti-money laundering solutions - and to implement them effectively. Values that Lucinity has woven into the software that it has produced include continuous learning and shared intelligence, as well as the pursuit of excellence with humility and integrity. As the firm continues to grow it will be able to increase the support that businesses and organizations can tap into on a global level to ensure that anti-money laundering solutions are effective.
About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to Make Money Good. 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 ranging from Tier-1 banks to FinTechs.
Company Quote
Founder and CEO, Guðmundur Kristjánsson, comments, "Lucinity's unique experience in banking, compliance, regulation, and data science has helped us develop a new approach to tackling money laundering—harnessing the best of human intelligence and augmenting it with advanced AI.
Our simple-to-use systems work with analysts, not against them, complementing their skills and making them superheroes so they can take on financial crime, saving institutions time and money in the process.
We believe that by transforming AML, we can have a tremendous positive impact on society. Money laundering is a crime that fuels crime. That is why we set out on the mission of Making Money Good."
To find out more information about anti-money laundering Solutions visit https://www.lucinity.com
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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.