Reykjavik, Iceland -- (SBWIRE) -- 07/28/2022 -- The sanctions that the US has put in place against Russia in response to the invasion of Ukraine have been well publicized. However, it seems that many companies and institutions have failed to comply with them and, as usual, those who are looking to avoid the sanctions have managed to find ways around. As a result, the US Treasury is now looking at whether AML obligations should be imposed on investment advisors, increasing the penalties for a less comprehensive approach to compliance risk. The reasoning behind this is the use of certain advisors by Russian elites to try and hide assets.
Enforcement is just one of the tools that the US Treasury has at its disposal when it comes to financial compliance. It is being threatened in this case because of the critical importance of the Russia sanctions programme, which is designed to undermine the sources of income that are supporting Russia's war efforts in the Ukraine. An anti-money laundering rule for advisors has been on the cards since 2015 but there has never been the drive to finalise it. Now, the Treasury may have the motivation that it needs to push an AML rule for investors through, increasing the consequences for those who don't take this compliance risk seriously.
Lucinity software provides an opportunity for any enterprise to better manage compliance risk and avoid the penalties that are likely to be imposed for failing to meet AML standards in specific situations. It has been developed to bring together human intelligence and the benefits of AI - and to optimise both. In the human context that might mean attributes such as planning and execution or creatively combining numbers - AI can add key benefits such as crunching numbers and analysing big data patterns to this. Lucinity has focused on creating systems that are simple to use and help to Make Money Good by better managing compliance risk and continuously improving organisational productivity while fighting financial crime.
The company was founded in 2018 and has gone on to establish bases in key locations around the world, including Reykjavík, New York, London, and Brussels. Part of the company's mission is to better support enterprises that are looking to do more when it comes to handling AML and balancing compliance risk. The business has been built on a number of key values that inform everything it does, as well as the strategic direction going forwards. These include shared intelligence and fostering respect and empathy in all business dealings, whether that relates to clients or stakeholders. The software offers a way to unchain the real potential of AML data and to improve outcomes where compliance risk is concerned.
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 Compliance Risk visit https://www.lucinity.com
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About Lucinity
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.