Reykjavik, Iceland -- (SBWIRE) -- 11/02/2022 -- It's not just in the financial sector where the tightening of anti-money laundering measures is becoming vital. The lucrative UK art market is another industry where there is the potential for this type of financial crime to go uncontrolled without the right restrictions in place. That's why the British Art Market Federation has issued guidance on anti-money laundering for those who are part of the art market in the UK. The advice has been approved by the UK tax authority and is intended to provide a way forward that is compliant with the EU's Fifth Anti Money Laundering Directive. The guidance provided by the federation is not mandatory for businesses operating in the art market. However, those that choose not to comply may need to provide a reason for doing so.
Some of the measures that come under the guidance that has been provided by the British Art Market Federation include simple steps like carrying out a regular anti-money laundering risk assessment and keeping a written record of policies and procedures. There are also recommendations with respect to key activities, such as transaction monitoring and submitting Suspicious Activity Reports in the right way to the relevant authorities. The guidance also includes recommendations for staff training and keeping the right records, as well as appointing a nominated officer so that there is a clear chain of command and transparency when it comes to money laundering prevention.
Tools like Lucunity's platform are simple to use for any organisation that is keen to do more when it comes to transaction monitoring and other AML tools. It has been intentionally designed to be easy to use so as to facilitate compliance at every level of a business, no matter what market that enterprise might be operating in. Given the large sums that tend to move in the lucrative UK art market it's no surprise that it is often the target for financial criminals. And, given that money laundering is a crime that fuels other crimes, taking steps to minimise exposure to risk can make a big difference to individual businesses, as well as to broader society. The software created by Lucinity integrates the best elements of human intelligence and artificial intelligence to provide comprehensive support. This includes all key elements, including transaction monitoring, actor intelligence and SAR management.
Lucinity was established in 2018 and since then has rolled out over many industries internationally. The simple to use software serves a real purpose in supporting businesses when it comes to key functions, such as transaction monitoring, which can help to reduce money laundering risk. Today, the business operates in a number of key jurisdictions, including New York, London, Brussels and Reykjavik. Making Money Good has been a strong motivation for the team at Lucinity, which continues to be committed to the core values that have helped to accelerate growth so far, including continuous learning and shared intelligence, and human empathy and respect.
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 Transaction 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
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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.