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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 02/10/2023 -- Closing loopholes in anti-money laundering frameworks is a key priority for governments worldwide today. Countries such as the US have made vital progress in recent years towards improving anti-money laundering policies but there is still work to do. This is reflected in the changes that are continually being made, such as an announcement in December last year by the National Security Advisor Jake Sullivan relating to the ENABLERS Act. The Establishing New Authorities for Business Laundering Enabling Risks to Security (ENABLERS) legislation is designed to empower the Treasury to require certain parties, such as those who form companies or manage money for a third party, to ensure that basic money laundering protocols under the Banking Secrecy Act are in place. Sullivan announced support for the ENABLERS bill during the opening ceremony of the 2022 International Anti-Corruption Conference.

Currently, the US is the top destination in the world for criminals and money launderers to hide dirty money, according to the FACT Coalition, so there remains plenty of work for the Biden administration to do. Like every country, the US has many regulatory blindspots when it comes to anti-money laundering policies and protocols and, to a certain extent, is playing catch-up, especially with respect to digital technologies. The White House support demonstrated by the statement made by Jake Sullivan is going to be a key part of ensuring that the anti-money laundering regime in the US is fit for purpose.

If there is one thing that the US' efforts in anti-money laundering demonstrate it's just how challenging an area this is for every country today, even those that are the best resourced. Lucinity has been developed to help support greater measures against money laundering - this is a global crime and a coordinated response across governments and individual businesses is the only way to establish truly effective defenses. Key to this is making it simple to implement anti-money laundering measures, whether in a small business or a large global institution. Working to make this easy, the Lucinity platform is intentionally straightforward to use and contains all the key elements of anti-money laundering protection, including transaction monitoring, actor intelligence and a comprehensive SAR manager. Lucinity leverages the best of human intelligence and the most useful elements of artificial intelligence to create a platform that is sophisticated and effective when it comes to implementing anti-money laundering protection. It is anti-money laundering software that also delivers in other ways too, including improving productivity and helping to reduce alert fatigue in compliance risk processes.

Established in 2018, Lucinity has dedicated the intervening years to its mission to Make Money Good, supporting global enterprises in the fight against money laundering. The team now has offices internationally, including in London, New York, Reykjavik and Brussels. Core values, such as open and honest communication and embedding continuous learning as a cornerstone of the product, have ensured that Lucinity expands in alignment with its overarching goal.

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 02/10/2023 -- You may or may not have heard the term 'snow washing.' This is being used to refer to the money laundering that takes place within Canada's borders, so big has the issue become. The reason that snow washing has become such a popular phenomenon for criminals looking to launder illicit money is because Canada has opaque corporate reporting laws that have made it possible for companies looking to launder money to do so easily, turning the country into a money laundering hotspot. It also has a huge and abundant economy where there are lots of genuine transactions taking place and this makes it much easier to hide the laundered transactions behind the legitimate ones. According to the Criminal Intelligence Service of Canada it is estimated that around $45 billion to $113 billion is laundered in Canada annually.

The rule of law in Canada has also provided another challenge when it comes to anti-money laundering compliance because this requires such a high burden of proof. It can take a lot of time to gather evidence and require operations across multiple jurisdictions, which is often not the best approach where illicit transactions are concerned. The Canadian government - like every other - is taking action to ensure that higher standards of anti-money laundering compliance are in place. The recent Cullen Commission report exposed serious gaps in resources, legislation and expertise in the approach being taken in British Columbia where anti-money laundering compliance is concerned.

Lucinity is one of a number of sophisticated companies focused on supported jurisdictions like Canada where such serious challenges to anti-money laundering compliance exist. The platform is designed to be intentionally easy to use, which means that it can benefit small businesses and corporate institutions alike. It integrates the best elements of human intelligence and the most effective parts of artificial intelligence to create a system that is genuinely effective in the fight for anti-money laundering compliance. Lucinity software contains all the most vital tools for implementing more effective anti-money laundering compliance. This includes transaction monitoring with better detection, faster review and super-efficient SAR management, as well as actor intelligence that provides a holistic view of customers. Minimizing vulnerability to financial crime is vital for all governments and organizations today and this is exactly why Lucinity exists. It provides a wealth of protection, the peace of mind of anti-money laundering compliance as well as tools to support greater productivity and reduce alert fatigue in compliance risk monitoring processes.

Since the company was first established in 2018, Lucinity has continued to go from strength to strength. Today its network includes offices in London, Brussels, New York and Reykjavik. The business has been grown on the basis of a number of core values that are designed to keep it aligned with Lucinity's purpose to Make Money Good. These include nurturing understanding, respect and empathy, focusing on shared intelligence to continually improve and accelerate progress, as well as using a quiet strength to empower the business and its clients in the fight against financial crime.

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 02/10/2023 -- The latest intelligence suggests that around $2 trillion is being laundered annually and financial crime is increasing by the year. This is a crime that drives other crimes and is far from victimless - the most vulnerable are often exploited and money laundering can undermine the very fabric of the societies that it exists in. Which is why it is becoming so vital to find better solutions for anti-money laundering compliance and data sharing and technology are going to have a key part to play in this.

Currently there are many challenges to using data sharing and technology for improving anti-money laundering compliance. In particular, siloed data is a real problem, usually as a result of legislative and regulatory factors as well as technical issues. Combining financial data across different parts of the ecosystem, from law enforcement to banking means establishing better partnerships and overcoming barriers such as legislative and financial challenges. In fact, cross-ecosystem collaboration is what holds the key to more effective anti-money laundering compliance. Currently, most financial services systems are in a state of being reactive to developments in money laundering and this leaves them very exposed. The alternative - a sophisticated, interlinked framework between public and private institutions - could be made possible by technology, which could enable more effective data sharing globally. Automation, machine learning and AI also all have a part to play in the way that technology and data sharing can be used to improve anti-money laundering compliance.

Lucinity is one of a number of pioneers making it easier for data sharing and technology to be more widely used in anti-money laundering compliance. The platform is designed around the idea of combining the best elements of both human and artificial intelligence to create the ultimate tool for anti-money laundering compliance. For example, including everything that humans are good at, such as interpreting, contextualizing and creatively combining numbers, as well as the ways that artificial intelligence excels at analyzing big data patterns, crunching numbers and memorizing large amounts of data. This combined approach has created a highly effective system that incorporates everything required for more effective anti-money laundering compliance. This means robust transaction monitoring as well as comprehensive actor intelligence and SAR management. The team's passion is for simple to use systems that work with those who are looking to improve anti-money laundering compliance and not against them. That's exactly what has been achieved at Lucinity.

The business was established in 2018 and has grown significantly since then. Today, Lucinity has a well-honed global network that includes offices in locations such as London, New York, Brussels and Reykjavik. Given the increasing importance of using data and technology for anti-money laundering compliance - which is what the Lucinity platform is all about - the business is set for a busy year ahead. Collaboration and knowledge sharing have been a key part of the core values on which the business has grown, as well as using a quiet strength to empower Lucinity and its clients in the fight against financial crime.

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 02/10/2023 -- In the summer of 2021, amendments made to regulations under Canada's Proceeds of Crime Money Laundering & Terrorism Financing Act (PCMLTFA) of 2019 came into force, introducing a wealth of new changes designed to combat financial crime. Among the changes are a broader range of requirements for the ways in which reporting entities must track, verify, and report on financial transactions. The regulations have been designed to have very wide application, from banks and money service businesses to a range of other enterprises, including casinos and virtual currency exchanges. All the signs from the Canadian regulator in recent years have pointed to an enhanced commitment to ensuring compliance, bringing violators to justice and handing out fines. Which means that - for all the businesses affected - it has been crucial to improve compliance programmes and monitoring systems.

AML transaction monitoring software is going to be vital to organizations looking to upgrade compliance response and avoid the fines and penalties that could result from inadequate systems and processes. Obligations on businesses today increasingly require that they are able to process both internal and external data sources to generate meaningful intelligence and AML transaction monitoring software is going to be key to this. As digital currencies continue to gain ground this is also creating many different challenges. The AML transaction monitoring software tools that exist provide organizations with more options to ensure that adequate compliance measures are in place.

Lucinity is AML transaction monitoring software that is tried and tested when it comes to better supporting enterprises with regulatory compliance. It is a platform created to be intentionally easy to use with tools that really make a difference to the way the business can respond to the threat of financial crime. Lucinity's AML transaction monitoring software makes the benefits of Human AI available to every organization. This is a combination of the most effective elements of artificial intelligence (such as assessing probabilities and crunching numbers) alongside all the best parts of human intelligence (e.g., creatively combining numbers and planning and execution). Lucinity's AML transaction monitoring software also includes comprehensive data analysis to provide a holistic review of customers, as well as next level SAR management. As financial crime continues to expand and threaten global businesses, as well as the societies in which they exist, it's increasingly important to leverage every tool available in the fight against money laundering.

Since Lucinity was established in 2018, the business has been driven by the mission to Make Money Good. This has meant providing key support to a broad spectrum of organizations in combating financial crime through effective AML transaction monitoring software. Today, Lucinity is part of a global network that includes offices in London, New York, Brussels and Reykjavik and the team continues to expand. This expansion is powered by core values at Lucinity, which include honest and open collaboration to achieve the best possible solutions, as well as a commitment to shared intelligence.

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 02/10/2023 -- A new report from the US Treasury has identified just how much more oversight is required in the fintech sector to help ensure AML Compliance. The report - "Assessing Impacts of New Entrant Non-Bank Firms on Competition in Consumer Finance Markets" - highlights how the fintech market is creating a wealth of new opportunities and advantages for consumers but also many loopholes in security. Consumer protection and market integrity, in particular, are at risk from the practices that currently exist in the fintech sector. In order to help protect consumers and ensure sustainable competition, the Treasury report has identified that increased oversight of consumer financial activities of non-banks is going to be vital for AML Compliance going forwards.

The detail of the report looks at the gaps in AML Compliance risk management and how these could be addressed. It proposes a number of ways to ensure fair, transparent and competitive markets including a clear and consistently applied framework for bank-fintech relationships, enhancing supervision of lending relationships to ensure compliance with consumer protection as well as investment in, and support for, innovation by the US regulator. The report is one of a series that has been created to assess competition in a range of different areas of the US economy. It has been generated under President Biden's July 2021 Executive Order, "Promoting Competition in the American Economy" and is designed to identify how authorities and regulators can play a role in fair and responsible competition that benefits consumers and their financial wellbeing.

AML Compliance is a vital component in protecting consumers, as well as the fabric of society which can be undermined by the exploitative nature of money laundering. This is a crime that drives other crimes so it's vital for countries like the US to set the precedent when it comes to taking action against it. Lucinity has provided organizations across the spectrum, including those in fintech, with a simple solution to the increasingly stringent requirements for AML Compliance. The Lucinity platform is designed to be simple to use but highly effective. It integrates the best elements of artificial intelligence as well as the most effective parts of human intelligence, leveraging both to create a highly effective system. This software includes comprehensive transaction monitoring as well as extensive actor intelligence and sophisticated SAR management. It is accessible and user-friendly but designed to offer a sophisticated AML Compliance solution that meets every need.

Lucinity has been developing the platform since the business was first established in 2018. Today, Lucinity is used on a global basis and the company has a number of offices worldwide, including in London, Brussels, Reykjavik and New York. AML Compliance is rising to the top of the agenda for every organization today, whether an SME or a global entity and Lucinity provides a vital tool for ensuring that standards can be met. As it continues to evolve, Lucinity works every day towards the business' mission to Make Money Good.

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 02/10/2023 -- The beneficial ownership database that is planned in the US to further improve AML Compliance is causing more than a few ripples. The full set of rules that will govern the database have yet to be released but its purpose would be to create a resource that identifies the true or "beneficial" owners of legal entities such as companies or trusts. One of the biggest obstacles to improving AML Compliance response is the fact that it's been historically possible for those funneling illicit funds to remain hidden. Abuse of shell companies is well known as the reason why money laundering has been so easy in the past. So the database is, in principle, a good idea. However, a number of compliance professionals have voiced concerns about it, mainly that it could create an even heavier compliance burden that will be more difficult to fulfill.

Those companies that are going to be required to report data to the new database will include limited liability companies, corporate trusts, as well as most limited partnerships. However, there are still a lot of unanswered questions about the new database and how it's going to function - especially what kind of compliance burden it will create. For example, who will be responsible for verifying the beneficial ownership information that is submitted? And what is the responsibility of those who get incorrect information from the database? There are still many questions around the new database and fears of an unbearable regulatory burden persist.

Changes like the addition of this new database always take adjustment and this can be difficult for organizations already struggling under an AML Compliance burden. Lucinity has been designed to provide a very simple way to implement better AML Compliance, no matter what the size or industry of an enterprise. The platform is very user-friendly and integrates all the vital components that are necessary for effective AML Compliance. For example, it features in-depth actor intelligence that allows a business to get a holistic view of customers and fully understand their risks. It also has transaction monitoring with better detection and faster review as well as a comprehensive SAR manager. The whole system has been designed around the concept of Human AI, which essentially leverages the best of artificial intelligence as well as the most effective elements of human intelligence. The end result is AML Compliance made easy and a product that also contributes to productivity and efficiency across the business.

Lucinity was established in 2018 and the business has developed significantly since then. Today, it is a pioneer in the world of AML Compliance and a business that is demonstrably committed to key core values. Those values include shared intelligence and operating with respect and empathy. Lucinity is a global enterprise in 2023, one with a wide range of offices, including a base in New York, as well as in London, Brussels and Reykjavik. The firm is committed to Make Money Good and providing others with the tools to make that happen.

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 02/10/2023 -- The Swedish gaming authority has been cracking down on compliance failures in recent years and continues to work to enforce an anti-money laundering regime in the region. Spelinspektionen has been particularly critical of the AML Compliance Failures of Pinbet, ATG and Kindred all of which were under scrutiny by the regulatory authorities in investigations that began back in autumn 2021. Each of the investigations looked at a number of customers of these companies and analyzed the way in which AML Compliance had been implemented. The investigations found a range of AML Compliance Failures, for example at a Kindred subsidiary that was investigated, it was found that repeated alerts were being generated about one customer but these were never investigated further as long as the customer was winning. At ATG the regulator found that information on taxable income had only been collected for three customers and that most of the customers investigated had made large deposits without the origin of these ever being checked.

AML Compliance Failures at the companies and their subsidiaries have meant that the Swedish regulator has also dished out fines. These vary in terms of amount with the largest going to Kindred subsidiary Spooniker, which received the highest possible fine Spelinspektionen could issue, at SEK10.9m. The fine for ATG was issued SEK6m and PinBet received a SEK2m fine. Spelinspektionen was very critical of the failings of these companies and continues to be clear about the penalties that will follow for any that don't take steps to meet enhanced due diligence requirements.

AML Compliance Failures are all too common. However, for organisations - in Sweden and beyond - that are keen to avoid these there are solutions available. The Lucinity platform has been designed to help organisations avoid the kinds of AML Compliance Failures that can prove expensive and time consuming. It is a user-friendly system intentionally created to be easy to implement and to make it simple for enterprises to defend against vulnerability to financial crime. Lucinity software includes everything necessary to put robust defenses in place against money laundering. This includes extensive transaction monitoring, as well as actor intelligence to allow businesses to gain a holistic view of customers and extensive SAR management. With Lucinity, any organisation can upgrade the AML Compliance measures in place and avoid the failures that are likely to attract the attention of the regulator.

Lucinity was established in 2018 and has expanded on a global level in the intervening years. The clever combination of the best of human intelligence and AI has made Lucinity software very popular and the business now has offices globally, including in London, New York, Brussels and Reykjavik. It's not just the ease of use of the system, or the effectiveness of the measures, that make Lucinity so popular. It's also the core values of the business, which are built around knowledge sharing, respect and empathy and using quiet strength in the fight against financial crime.

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 02/10/2023 -- Early in December last year, the Dutch Co-operative bank Rabobank announced that it was under investigation by the public prosecutors in the Netherlands as a result of failures in AML compliance. Rabobank is one of the three biggest banks in the Netherlands and its competitors have already been issued with huge fines for violations like this. ABN AMRO, for example, was fined £574 million in 2021 and ING Group $900 million in 2018. So, the fact that the bank is about to go through a similar process doesn't bode well for Rabobank.

A statement from the company, released in December, read "The Dutch Public Prosecution Service has informed Rabobank that it is considered a suspect in connection with violation of the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act." No further information has been provided yet but it's likely that issues around AML Monitoring and compliance will be involved in the investigation. This is especially so as it's not the first time that Rabobank has come under scrutiny and been found wanting. In 2021, Rabobank received a warning from the Dutch Central Bank relating to its due diligence practices and was facing a punitive enforcement procedure. It seems like there are still some serious issues to fix if the bank is to avoid further ongoing investigations and fines - although the outcome of the current investigation has yet to be determined.

AML Monitoring is a tough ask for many banks and companies today, especially as regulators continue to upgrade the requirements imposed on organisations. However, it's also incredibly necessary, as the impact of money laundering is globally destabilizing and leaves a negative mark on culture and society in every country where it exists. Unfortunately, today there are few societies that can escape this kind of financial crime, which is why it has become so vital for every enterprise - especially big institutions like Rabobank - to have effective AML Monitoring and compliance in place. Lucinity has been developed for exactly this reason - to support every type of organisation in improving the measures that are in place to defend against financial crime. Lucinity software is simple, straightforward and yet powerful. It has been designed with ease of use in mind and also to leverage the unique benefits of artificial intelligence, combined with all the elements of human intelligence that have such a positive influence.

Since Lucinity was established in 2018, the company has continued to grow on a global level. Today, there are offices in London, New York, Reykjavik and Brussels. The Lucinity platform is designed to help Make Money Good and the team is part of a global initiative driving towards this ideal of combating the influence of financial crime. Even though Lucinity continues to expand, the company doesn't waver from the core values that have led it to where it is today. These include a focus on shared intelligence and respect and empathy for one another.

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 02/09/2023 -- New data has revealed that there are some parts of the UK that are more vulnerable to breaches in AML Compliance than others. The data comes from a survey of 500 regulated UK businesses across many different sectors, including legal and finance. It shows that there are some serious issues with AML Compliance in some parts of the UK and that this is creating 'hotspots' where there are more opportunities for money laundering than in other areas. Northern Ireland is one example of this - 71% of those who responded to the survey in this part of the UK had not altered their approach to onboarding new customers since Russia invaded Ukraine. 85% had not changed their approach to monitoring clients since the beginning of the conflict. This means that it would in theory be much simpler for Russian-originating money laundering to happen here.

Since the war in the Ukraine first began, more than 7,000 individuals and 1,200 entities have been added to the thousands of sanctions already affecting Russia. So, there is a clear need for organisation to update AML compliance in light of the war - these shortcomings have been described as "a far cry from proper due diligence." Northern Ireland isn't the only area of the UK to come under scrutiny though, as other parts of the country where clear vulnerabilities exist include the West Midlands and the South West. West Wales has been identified as the location most likely to prevent Russians laundering dirty money.

AML Compliance doesn't have to be hard - that's the reason Lucinity was created, to show that this can be simple and straightforward. Many enterprises, especially SMEs, are often failing at AML Compliance simply because they don't know how to be more effective. What Lucinity does is provide the tools to make existing practices and processes more effective. The software includes all key elements of AML Compliance, including transaction monitoring and actor intelligence. The platform also has comprehensive SAR monitoring built in. Leveraging the best of human and artificial intelligence is a vital part of the process of making AML Compliance easier to do and this is the approach that Lucinity has taken. The result is a system that not only helps to minimise the potential for vulnerability to financial crime but which can also help to improve productivity and reduce alert fatigue in compliance risk processes too.

The desire to Make Money Good has been behind the progress that Lucinity has made in recent years. The firm was established in 2018 and since then has grown into a global presence with offices in key locations across the world. These include New York, London, Brussels and Reykjavik. Lucinity continues to expand as more and more organisations use it for more effective AML Compliance. The business' core values keep it on track in terms of authenticity and focus. These include open and honest collaboration as well as a commitment to knowledge sharing to continuously improve and accelerate progress.

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 02/09/2023 -- Every organisation needs AML Solutions in place today - and where there are failings, the UK regulator will often hold a CEO accountable. The recent case of the Sonali Bank CEO is a prime example of this. Mohammad Ataur Rahman Prodhan was the former CEO of Sonali Bank and he has been found by the FCA to be responsible for multiple failings at the institution. In particular, during the period of 7 June 2012 to 4 March 2014, the CEO failed to take steps to mitigate AML risks at the bank that came from an embedded culture of non-compliance. Other failings were also listed, including not making sure that there was a clear chain of responsibility to oversee the UK branches of the bank and not ensuring that the Money Laundering Reporting Officer Function was effective at the bank.

In May 2018, Mr Prodhan received a financial penalty from the FCA, amounting to £76,000. The CEO now lives in Bangladesh and this has significantly impeded attempts to pursue resolution of the case and get the financial penalty paid. The case was also affected by the pandemic. The FCA has now taken the view that, particularly because Mr Prodhan now lives overseas, enforcing the penalty would not be sensible or cost effective. As a result, agreement has now been reached that Mr Prodhan should accept a public censure instead.

There are a range of AML Solutions available that provide options for every type of business today. The Lucinity platform is one that is proving particularly popular as more and more enterprises discover how simple it can be to put robust processes in place to ensure compliance with the requirements of anti-money laundering legislation. Lucinity provides all key tools that are required from a comprehensive AML Solution, including extensive transaction monitoring and actor intelligence that delivers a holistic view of customers based on comprehensive data analysis. The platform also features a SAR Manager to help streamline the reporting process. Not only is Lucinity a comprehensive way to deliver AML Solutions for any business but it has also been designed to offer productivity improvements too. Plus, it can help to reduce alert fatigue in compliance risk monitoring processes. One of the reasons the software is so successful is that it combines the best elements of both human and artificial intelligence. This is what enables Lucinity to be so effective and to be such a crucial tool for organisations that want to do better where money laundering prevention is concerned.

Lucinity was established in 2018 and the business continues to expand, as demand increases for AML Solutions that really work. Today, the network of offices extends to London, New York, Brussels and Reykjavik. The team has worked hard to deliver its mission to Make Money Good, in line with core principles underpinning the enterprise. Those core principles include shared intelligence, respect and empathy and the pursuit of excellence with integrity and humility.

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 02/09/2023 -- Santander is the latest big name in finance to fall foul of anti-money laundering requirements with a significant fine of more than £107 million. The bank's response was that it was "very sorry" for the problems that led to the fine from the UK regulator, the Financial Conduct Authority (FCA). According to the FCA, Santander failed to properly oversee and manage the systems that had been set up to prevent money laundering. Attempts that had been made to later try and address the problem were labelled by the regulator as "inadequate" and the FCA said that the situation created a prolonged and severe risk of money laundering and financial crime. The total amount of the fine - £107.7 million - is designed to reflect the severity of the situation at such a prominent financial institution.

The details of what led to Santander being hit with such a sizeable fine relate to failings at the bank in terms of properly monitoring the money going through customer accounts. The FCA said that this related to accounts held by more than 560,000 business customers over a five-year period. The Anti-Money Laundering Monitoring failings meant that £298 million was able to pass through the bank before accounts were closed. One prime example was an account opened with the bank as a small transactions business with expected monthly deposits of £5,000. But it was soon receiving millions of pounds and quickly transferring this money out to other accounts, apparently unnoticed by anyone at Santander.

A lack of Anti-Money Laundering Monitoring is not uncommon and the fact that many of the biggest banks are receiving fines shows that no institution is immune. This is one the reasons that Lucinity exists - to provide a genuinely simple to use option for Anti-Money Laundering Monitoring that is available to businesses of all sizes. Given the vulnerability that exposure to financial crime creates, and the broader societal impact of money laundering, it's vital for every enterprise to put steps in place to try and curtail this. Lucinity works on the basis of a combination of both human and artificial intelligence. Alongside extensive Anti Money Laundering Monitoring capability the software also has extensive actor intelligence that allows any organisation to gain a more holistic view of customers, as well as a comprehensive SAR manager. The Lucinity platform is part of the commitment the business has made to Make Money Good and to help ensure that money laundering on a global scale is slowed.

As the situation for Santander shows, there is a critical need for solutions like Lucinity when it comes to Anti Money Laundering Monitoring and shielding institutions from vulnerability to financial crime. The business, which was established in 2018, has now grown into a global network supporting many different types of businesses worldwide. Today, Lucinity has offices in many locations including London, New York, Reykjavik and Brussels and demand for this simple but effective system continues to rise.

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 02/09/2023 -- Money laundering was at the top of the agenda at the recent Anti-Corruption Conference that took place in December. The event attracted leaders from all over the world and the UK representative was particularly vocal about the need to continue the fight against corruption on a global level. The UK representative at the event was Karen Pierce, UK ambassador to the US, and she made several key points about the global efforts to fight illicit finance, including highlighting how the invasion of the Ukraine by Russia shows just how much of a threat corruption is to global stability. Pierce also focused on how illicit finance has been specifically used to gain access and influence, not just in the UK but countries all over the world. She said the message from the UK was about the necessity of redoubling efforts to counter these threats.

There are currently a wealth of measures in place to ensure AML Compliance in the UK and to improve the country's effort to fight illicit finance. The Economic Crime and Corporate Transparency Act, for example, is currently going through the legislative process. It includes a reform that is designed to minimise the potential for the abuse of limited partnerships. There are also provisions in the new legislation that - once it is in place - will create more powers with respect to crypto currency, which is a whole new landscape for AML Compliance. The new Act will, among other things, provide new powers to seize crypto assets to make anti-money laundering provisions more effective.

This focus on AML Compliance is vital for countries all over the world, especially those like the UK and the US that are often leading the way in terms of response. Any such response requires AML Compliance to be embedded at every level if it is going to be truly effective and that's where a platform like Lucinity becomes so vital. Lucinity makes it simple for any enterprise to upgrade AML Compliance to minimise potential exposure to financial crime. It has been designed to be intentionally easy to use and accessible by a broad range of different organisations across all sectors. The software is smart, combining the best of human intelligence with the best of artificial intelligence, and it includes key features that enable any enterprise to do more where AML Compliance is concerned. Those features include actor intelligence to gain a more holistic view of customers, as well as SAR management and extensive transaction monitoring.

Lucinity was established in 2018 and has become a leading light in the industry, supporting many organisations in improving AML Compliance worldwide. Today, the firm has offices in key locations such as London, New York, Brussels and Reykjavik. As it has grown, Lucinity has expanded on the basis of a number of core principles, including respect and empathy and shared intelligence. The mission to Make Money Good is reflected in everything that the business does.

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 02/09/2023 -- Yet more issues with compliance among UK based banks, as the UK regulator handed out another fine in December, this time to Metro Bank. London-headquartered Metro Bank was fined for publishing incorrect information to investors, something that the Financial Conduct Authority (FCA) says the bank was fully aware of. In fact, the FCA is so convinced that the top team at Metro Bank knew about the failure in compliance that it has also taken action against former Chief Executive Craig Donaldson and former Chief Financial Officer David Arden. Both received fines as a result of what the FCA says was being knowingly concerned with what happened, £223,100 for Donaldson and £134,600 for Arden.

The problem arose with respect to quarterly financial results, which include a report on prudential position and Risk Weighted Assets (RWAs). The quarterly update published on 24th October 2018 included incorrect numbers for the RWAs. According to the FCA, the bank was fully aware that the numbers were incorrect when published but didn't seek to explain this in the update. The regulator also highlighted how the bank then didn't look for any legal advice on whether the figures that had been provided should be explained or qualified after they had been published. The whole sorry scenario led to the accusation that Metro Bank had not taken reasonable care to make sure that the announcement was not false and misleading and didn't omit relevant information. When the RWAs figure was eventually publicly corrected in January 2019, Metro Bank saw a 39% fall in its share price.

The FCA is increasingly targeting UK banks when it comes to compliance failures, including those that relate to money laundering. The issue of financial crime is one that affects organisations globally and which needs attention from every enterprise in order to have an impact. This is why Lucinity was created - to provide every organisation with the opportunity to ensure compliance where money laundering is concerned. The platform is intentionally simple to use - but highly effective. It brings together all the key elements of AML compliance, including transaction monitoring, SAR management and extensive actor intelligence. The software is a combination of human intelligence and artificial intelligence, designed to blend the best attributes of both. This includes the contextualising, interpreting and creatively combining numbers that humans are so good at, as well as the large data patterns analysis and assessing probabilities that AI is able to offer.

Lucinity has grown significantly since the business was first established in 2018. Today, with offices in multiple locations globally - London, New York, Brussels and Reykjavik - the team is at the forefront of what is possible in AML compliance terms. Supporting organisations in making it easier to meet compliance standards is vital to what the business does. This is anchored in the mission to Make Money Good and supported by a number of key core values that include shared intelligence and employing a quiet strength as a tool to empower in the fight against financial crime.

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 Reykjavik, and serves customers including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland-- (SBWIRE) -- 01/04/2023 -- Significant action has been taken by regulators over the past decade against institutions where AML Monitoring and processes have been poor. HSBC is one of those institutions that has been hit with enforcement - in particular by the US Federal Reserve. However, in September this year, the Fed terminated a decade-long enforcement action against HSBC, which was the result of the bank violating money laundering and sanction rules. In 2012, when the enforcement action was implemented, the Fed accused HSBC of becoming the preferred financial institution for Mexican and Colombian drug cartels. The Department of Justice at the time described the actions of HSBC as "stunning failures of oversight" and the bank was ordered to pay fines that (at the time) were record figures, amounting to a total of $1.92 billion.

HSBC is not the only big global bank to have been hit by penalties like this. In 2020, Goldman Sachs Group was fined $2.9 billion for its role in a corruption scandal. The penalties for failures in AML monitoring where banks don't spot unlawful proceeds moving through their systems are getting increasingly heavier as the years go on. While the removal of the enforcement order for HSBC is good news for the global bank it doesn't change how much continued focus on compliance is necessary. Despite the fact that HSBC is shrinking its presence in the North American market to focus on Asia, compliance is going to have to remain a key concern.

The mistakes and challenges of the past decade have affected many financial services businesses. Although the big names like HSBC have seen the most public repercussions, failures in AML Monitoring can affect any business. And the consequences can be proportionally as severe. That's why it's so important for organizations to have effective money laundering compliance infrastructure in place, which includes key functions such as AML Monitoring. This is a need that Lucinity has sought to fulfill by creating a platform that makes it simple to achieve compliance. The software is specifically designed to be easy to implement and use across an organization. It features essential components necessary to protect against the threat of money laundering, including AML Monitoring as well as actor intelligence and the Lucinity SAR Manager. A unique approach to the software design has meant incorporating the best of both human and artificial intelligence - for example, attributes such as contextualising and interpreting on the human side and crunching numbers and assessing probabilities from AI.

Lucinity was established in 2018 and has since grown into a global presence in AML compliance, providing key tools such as AML Monitoring to businesses worldwide. Today, the firm has a strong global network that includes a presence in London, Brussels, Reykjavik and New York with a reach that extends internationally. The team's mission to Make Money Good underpins every effort to better support businesses in the ongoing challenges that financial crime represents.

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 Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 AML 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- AML Compliance is a non-negotiable for the US Treasury today - and the rising number of enforcement actions being taken is a key indicator of this. It's not just traditional financial institutions that are held to high standards but all those operating in new markets like cryptocurrency too. This is illustrated by the most recent compliance settlements announced by the US Treasury, which relate to Bittrex, a virtual currency exchange. In October this year the Treasury announced that compliance settlements had been reached after enforcement actions by OFAC and FinCEN with the amount of the settlements coming in at $24 million and £29 million respectively.

Action against Bittrex was taken on the basis of violation of sanctions and anti-money laundering obligations and the settlements represent the largest OFAC virtual currency enforcement settlement to date. Investigation by OFAC and FinCEN found that Bittrex had made multiple failures in AML Compliance terms, including willful violations of the requirements of the Bank Secrecy Act with respect to anti-money laundering and suspicious activity report reporting requirements. It's clear that businesses operating in the virtual currency space are expected to meet the same standards as every other organization - in fact, this is fast becoming even more of a priority. The actions taken by OFAC and FinCEN are designed to emphasize to the virtual currency industry just how vital it is to have effective AML Compliance in place and the fact that penalties will be severe where this is lacking.

It's vital for every enterprise to have the right tools for effective AML Compliance today - as these sanctions show, there is nowhere to hide when it comes to errors and willful mistakes. However, it's not always that simple for businesses to implement effective AML Compliance, especially those that are new to the regulatory environment. Lucinity software has been created with the specific intention of simplifying AML Compliance and making it more accessible to every organization. It is a comprehensive approach to reducing exposure to financial crime and putting key tools at the disposal of the business to ensure that it is properly protected. Lucinity software includes comprehensive actor intelligence, for example, as well as effective transaction monitoring and SAR management. It has been designed to integrate the best attributes of human intelligence and the most effective components of artificial intelligence to create a system that really works.

Lucinity software is not just a piece of advanced AI that provides a firm foundation for AML Compliance. It is also a key tool in the battle to Make Money Good, something Lucinity is strongly committed to. This mission is supported by the core values of the company, which include the pursuit of excellence with integrity and humility as well as using shared intelligence to continually improve and accelerate progress. This fertile ground has provided Lucinity with considerable momentum and the firm now operates in multiple locations worldwide, including Brussels, Reykjavik, New York and London.

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 Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 AML Compliance 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- The market for AML Solutions is booming all over the world, as organisations seek to obtain more control over exposure to financial crime. Regulators continue to increase the standards for compliance, as well as penalties for a lack of attention to risk, and this has created an environment in which it has become essential to have AML Solutions in place. In 2021 the global market for AML Solutions was valued at USD$1485.61 and by 2029 this is expected to expand significantly, ultimately being valued at around USD$3059.95. The range of tools available to help businesses combat money laundering is increasing all the time, with monitoring and detection of fraudulent activities being delivered in a range of different ways.

There is no doubt that the North American market is a key player in AML Solutions, generating 46% of the revenue for this sector in 2020. This dominance is one of the reasons why Lucinity has an office in New York today. The significant number of banks in this part of the world can be identified as one of the driving factors for the increase in the size of the AML Solutions market in the region. However, North America is not the only place where innovative AML Solutions are proliferating - Europe is another key player. Key to note, in terms of the way that AML Solutions are evolving, is the increasing use of artificial intelligence and machine learning to make these tools more efficient.

Lucinity is at the forefront of developing AML Solutions that are designed for widespread use. The business recognises that, for AML Solutions to be really effective, they need to be as widely employed as possible. That's why the Lucinity platform is simple and straightforward - but highly effective - and offers a range of benefits, including improved productivity and reducing alert fatigue in compliance risk processes. It uses a wealth of artificial intelligence and machine learning to help produce the most effective possible platform. This is combined with the best attributes of human intelligence, including creatively combining numbers, interpreting, planning and execution and contextualising. This combination is Human AI, which essentially involves playing to the respective strengths of humans and machines. The intention of the Lucinity platform is to create simple-to-use systems that support enterprises, working with everything that humans have to offer, rather than creating more obstacles.

The mission at Lucinity is to Make Money Good and the team is committed to helping achieve this through making AML Solutions more accessible. Since the business was established in 2018, it has grown globally and now has a presence in a number of international locations, including London, New York, Brussels and Reykjavik. Every advance in AI systems is underpinned by the rock-solid set of core values that the company is committed to. These include understanding, empathy and respect for clients and the rest of the team, shared intelligence and using the best elements of technology to augment what humans have to offer when it comes to developing the latest AML Solutions.

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 Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 AML Solutions 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- The Danish regulator, Spillemyndigheden, reported the mobile betting business Tipwin to the police earlier this year - and issued two injunctions back in June. According to the regulator, Tipwin had breached two sections of the Danish Money Laundering Act and was being penalised for failures in anti-money laundering compliance at its retail betting shops. The two sections of the legislation that the business had fallen foul of were Section 7, which deals with risk assessments, and Section 8 which is focused on the policies and practices in place for staff to help spot the signs of money laundering. Now, however, the second of these injunctions - relating to Section 8 - has been cancelled by the regulator because the staff who should have been responsible for processes and policies were outsourced.

Spillemyndigheden has made it very clear in recent years that there is a renewed focus on preventing money laundering in Denmark and that failings are unlikely to be tolerated. It issued a strongly worded statement earlier this year reminding companies of the obligation to comply with regulations that prohibit financial interactions with certain countries, individuals, groups, legal bodies or entities. Tipwin is not the first in the gambling industry to face injunctions from the regulator, as Casino Copenhagen, Casumo and Bet365 have all been penalised. The Section 8 injunction against Tipwin was cancelled after "careful consideration" at the regulator but the grounds for Section 7 still apply and the company will need to comply.

Many of the issues that seem to affect companies when it comes to penalties like this stem from poor anti-money laundering infrastructure - and can often be solved by robust AML Compliance Software. Lucinity has designed a platform of AML Compliance software that is very simple to use and offers a straightforward, and effective, solution for any enterprise to improve compliance performance and to avoid the kinds of measures taken against Tipwin. The super smart software incorporates the best of human intelligence alongside key elements of artificial intelligence to create an optimised system that makes it easy to deliver compliance results. It also integrates all the key features that make AML Compliance Software effective, including transaction monitoring, extensive actor intelligence and the Lucinity SAR Manager. The software is designed to be an incredibly effective tool that helps to deliver more options for better compliance, as well as ways to improve productivity and help avoid problems such as alert fatigue in compliance risk monitoring processes.

Established in 2018, Lucinity has grown significantly in the intervening years thanks to the increasing demand for effective AML Compliance Software and the premium nature of the Lucinity product. Today, the business has offices in Reykjavik, London, Brussels and New York and continues to expand its network every day. Its advanced AI systems are underpinned by authentic human core values that help to ensure the business remains effective and unique. These include shared intelligence and developing products that work with humans, not against them.

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 Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 AML Compliance Software 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- Last month, the Financial Action Task Force (FATF), which is the global financial terrorist and money laundering watchdog, issued some new advice for EU states in terms of Anti-Money Laundering Compliance. FATF also acknowledged how much of an impact several events had made in terms of financial terrorism and money laundering, including the war in Ukraine and the pandemic. A rise in the level of money laundering in the wake of the pandemic and the conflict has meant that there are now many more risks for EU businesses to contend with. Other risk factors include the increase in the size of the gambling sector during the pandemic and the explosion in online gambling in recent years.

One particular innovation for businesses to focus on when it comes to Anti Money Laundering Compliance, according to FATF, is crypto assets. In conjunction with the increase in the size of the online gambling sector, this represents an area where a recalculation of risk has been necessary. Cash also remains a problem and the most recent advice from FATF highlighted the problems of banknotes during the pandemic, primarily that the demand for banknotes rose even though the number of cash transactions fell significantly. In terms of threats to Anti Money Laundering Compliance for the online gambling sector, these primarily result from member states being targeted by unauthorised gambling operators, as well as anonymous the rise in money processing platforms and virtual currencies.

Anti-Money Laundering Compliance continues to be a problem for authorities and organisations across the Nordics - and on a global level. The latest advice from FATF indicates just how much worse things have become in the past couple of years and how many more opportunities now exist for financial criminals. However, there is always something that a business can do to help protect against exposure to money laundering and financial crime. This is a goal that the team at Lucinity has been working towards with its Anti-Money Laundering Compliance software, which has been designed in line with the business' mission to Make Money Good. This software is created to be intentionally easy to use, making it accessible to every type of enterprise, large or small, and it is genuinely useful when it comes to Anti Money Laundering Compliance. One of the reasons Lucinity software is so effective is because it combines the best elements of both human and artificial intelligence, including contextualising and interpreting on the human side and the crunching numbers that machines do so well.

Since it was established in 2018, Lucinity has been a pioneer in Anti-Money Laundering Compliance, providing genuinely useful options for implementing more robust procedures that comply with FATF advice. The team is guided by a number of core values that focus on improving intelligence and sharing information, as well as maintaining respect and empathy and acting with integrity and humility. Today, the team has a network of global offices that includes London, New York, Reykjavik and Brussels.

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 Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Anti Money Laundering Compliance 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

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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- The fight against money laundering and terrorist financing is very much a global one. Collaboration is likely to hold the key to effectively combating exposure to financial crime, which is why it's so vital for EU-wide measures to be put in place. The Finnish government is one that has come out in support of a new EU-level supervisory system to help improve AML Monitoring in the fight against financial crime. It has specifically stated its support for the EU objectives to harmonise EU money laundering rules and develop specific legislation that will make it easier to implement AML Monitoring and measures that will stop the flow of illicit funds through the EU.

The idea behind a supervisory system at EU level is that it complements the national infrastructure already in place for AML Monitoring and taking action against financial crime. It won't be the role of the EU supervisory authority to monitor compliance with the rules on anti-money laundering - that will remain with national governments. Instead, the EU authority will seek to establish better collaboration across the EU and to develop specific measures that will help to deal with the problem of money laundering in high-risk countries. The Finnish government supports harmonised anti-money laundering legislation and monitoring, and submitted a Union communication to the EU confirming this. Like many other countries, Finland will benefit significantly from a more coordinated approach across the EU when it comes to AML Monitoring and legislation.

The main aim of EU harmonisation of AML measures is to make it easier for compliance to be achieved. This is aligned with the goals that Lucinity has set - the platform is designed to make it simple for every organisation to upgrade AML Monitoring and do more when it comes to minimising exposure to financial crime. Given that money laundering is a crime that fuels other crimes, there are major benefits to ensuring that it is better controlled on a society wide level. Lucinity software contains all the key components for effectively protecting against financial crime and money laundering, including AML Monitoring with better detection and faster review, as well as comprehensive actor intelligence and a highly effective SAR manager. The software combines the best elements of artificial intelligence with the most useful attributes of human intelligence to create a system that is designed to work with businesses and people and not against them. This approach has been a crucial part of the mission the business has to Make Money Good.

Since Lucinity was established in 2018 it has continued to grow into a global force in AML Monitoring and compliance. Today, the platform is used all over the world and Lucinity has a network of offices that includes New York, London, Reykjavik and Brussels. As more and more governments and organisations acknowledge the importance of effective AML Monitoring it's going to become an even more vital tool for helping to minimise the potential for financial terrorism and money laundering worldwide.

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 Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 AML 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- It has been more than half a century since the first legislation was put in place to try to combat financial crime. Since the Bank Secrecy Act was enacted so much has changed in the financial world and it's no secret that the advance of technology in particular has made it difficult for institutions to keep up. Today, it's estimated that the volume of elicit money that is captured and stopped every year is just 1%, despite the large financial investments made by businesses across the financial services sector in trying to prevent this. However, a new era is dawning for combating financial crime, as AML Compliance Software and a swathe of new digital regulatory technology (regtech) firms are starting to change the landscape. It's possible that they may tip the balance in favor of more effective financial regulation.

Money laundering and financial crime represent what might be the best use case for the regtech industry, mainly because the current approach isn't getting results. A new high-tech future based on AML Compliance Software could be a game changer. Many of the enterprises within the regtech industry are start-ups pushing innovative solutions to old problems, such as more extensive know your customer checks and a more effective approach to filing Suspicious Activity Reports. Sophisticated digital transaction monitoring is another element in AML Compliance Software and a vital tool in improving the odds of minimizing the reach of financial crime.

It's this hugely challenging environment that has driven the team at Lucinity to roll out its AML Compliance Software to more organizations on a global level, to make it easier for any business to implement protection. It's simply not acceptable for just 1% of illicit funds to be stopped globally and AML Compliance Software can make a big difference to this figure. The Lucinity platform has been configured to be intentionally easy to use so that money laundering protection becomes an asset to the business, as opposed to yet another system to figure out. Lucinity's AML Compliance software features key elements, such as transaction monitoring and comprehensive actor intelligence, as well as the Lucinity SAR Manager. It gives enterprises the option, not just to minimize vulnerability to financial crime, but also to improve internal operations, such as increasing productivity and reducing alert fatigue in compliance risk processes.

The Lucinity platform is advanced AML Compliance Software that remains simple and easy to use. It brings together the best attributes of both human and artificial intelligence to create a truly powerful system. Since the firm was established in 2018 its reach has grown globally as more and more businesses see the benefits of this high tech but simple approach. Today, the firm has offices in Reykjavik, London, New York and Brussels and continues to expand. The mission at Lucinity has always been to Make Money Good and effective AML Compliance Software is a vital part of that.

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 Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 AML Compliance Software 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- Anti-Money Laundering Compliance has moved to the top of the agenda for organizations globally today. Fighting illicit finance is a key priority for enterprises across Canada and information sharing and collaboration remains a key part of making this effective. The most recent ACAMS conference, which took place in October, had a lineup of more than 40 expert speakers on this subject and focused on targeting money laundering and financial crime. It featured a range of sessions designed to improve understanding of Anti-Money Laundering Compliance, as well as the tools available to any business to combat financial crime.

During the two day conference, attendees were given a wealth of opportunities to better understand Anti Money Laundering Compliance and how to implement it more effectively. This included learning the latest guidance on regulatory priorities and financial crime threats, as well as best practices and guidance on detecting illegal activities. The line-up for the conference featured representatives from the Department of Finance, the Bank of Canada and FINTRAC, as well as the Cullen Commission and the Royal Canadian Mounted Police as well as a keynote address by the Hon. Austin Cullen, former head of the Commission of Inquiry into Money Laundering in British Columbia. Cracking down on money laundering, on organized crime and the entities that facilitate it was the focus for the conference, which was designed to enable cross-industry collaboration and target anti-money laundering and financial crime.

Anti-Money Laundering Compliance is already a key global priority but likely to become increasingly so in the coming years. ACAMs CEO Scott Liles highlighted how the pressure to identify and report suspicious activity is only likely to increase in the future as regulators require firms to be more effective at Anti Money Laundering Compliance. It's clear that this remains a confusing area for many and one where transparent and effective structures are vital. That's why the Lucinity platform was developed - to give any organization the opportunity to refresh and review Anti Money Laundering Compliance to ensure that key standards are being met. Lucinity software includes all the essential components necessary to implement more effective Anti-Money Laundering Compliance, including transaction monitoring, actor intelligence and SAR management. It has been specifically designed to be easy to use to make more effective protection broadly accessible. The advanced design of Lucinity software integrates the most powerful elements of human intelligence alongside everything that AI has to offer to create a much more effective Anti-Money Laundering Compliance tool.

Since Lucinity was first established in 2018 the firm has expanded significantly, responding to the ever-increasing demand for Anti-Money Laundering Compliance made simple. Today, the firm has locations in Reykjavik, Brussels, New York and London and continues to reach more enterprises every day. The mission to Make Money Good has driven Lucinity's progress so far, which is rooted in strong core values, such as a belief in shared intelligence and being empowered by a quiet strength, pursuing excellence with integrity and humility.

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 Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 Anti Money Laundering Compliance 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- The number of fines being handed out to financial institutions that are failing to implement effective AML Compliance checks continues to rise. Gatehouse Bank has become the latest recipient of a penalty, as the Financial Conduct Authority (FCA) issued a £1.5 million fine to the bank in October this year. This is despite the fact that Gatehouse had anti-money laundering policies in place - the presence of these policies did not ensure their implementation, as the standard for AML Compliance was simply not being met. The FCA cited a case at Gatehouse Bank of a Kuwait-based customer account set up without the collection of any information about the customer's source of wealth. Due to the shortfall in compliance, $62 million was received into the account over two years without any of it properly vetted for money laundering origins.

In handing out the fine to Gatehouse Bank, the FCA made it clear that "there can be no excuse for failures as serious as this one," removing the potential for any poor AML Compliance practices to be explained away. The FCA is committed to holding enterprises to account where a clear weakness has been revealed in the systems in place to defend against money laundering, ultimately perpetuating the problem. The initial fine against Gatehouse Bank was £2.2 million. However, a 30% reduction on that amount was agreed when the bank agreed to settle early in the investigation process.

Lucinity software is specifically designed to make compliance easier for organisations of all sizes and across every industry. A robust system of AML Compliance checks requires the right tech infrastructure and this is something that not every business can afford to create from scratch. Lucinity supports enterprises in minimise the potential for exposure to money laundering by implementing a number of key standards - including AML Compliance checks of the like that would have prevented the significant weaknesses in the way that the account in question was handled at Gatehouse Bank. The platform includes transaction monitoring, the Lucinity SAR manager, as well as detailed actor intelligence that is designed to provide a comprehensive and in-depth perspective on customers. All of this is brought together in a way that optimises both human and artificial intelligence, from the things that humans are good at, such as contexualising, interpreting and planning, to the areas in which AI excels, including analysing big data patterns.

It's this combination of human and artificial intelligence that makes Lucinity such an effective option for AML Compliance checks that really work. The business was first established in 2018 and has continued to evolve looking for a range of new ways to help better support organisations when it comes to money laundering compliance. It is a global enterprise, with a mission to Make Money Good. Today, Lucinity operates across a network of locations that includes New York and London, as well as Brussels and Reykjavik. Core principles, such as respect and empathy, ensure that the business remains aligned with clear objectives as it expands.

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 Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 AML Compliance 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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- Money laundering is a crime that generates many costs, from financial losses through to human lives. In an effort to stem the tide of financial crime, financial institutions worldwide are now increasingly investing in AML Solutions. In fact, in 2020, they spent an estimated $214 billion on financial crime compliance. The potential cost to the business of extensive money laundering - as well as the penalties that are being handed out by regulators in ever higher numbers, make these investments worthwhile. However, they do still take up a significant proportion of the budget for any organisation, large or small. Technology has proven to be a game changer when it comes to implementing AML Solutions - machine learning and AI, in particular, have a lot to add when it comes to changing the way that enterprises tackle money laundering.

In a recent report, McKinsey identified that it was in the field of transaction monitoring where the most benefit is to be gained from investing in AML Solutions. Here, machine learning can be combined with other sophisticated algorithms, including gradient boosting and deep learning, to help optimise the investment that is being made in AML Solutions and make them more effective. Leveraging granular, behavior-indicative data to build sophisticated algorithms is what machine learning models do and this is much more efficient and effective than many existing rules-based approaches. It's clear that criminals have had the advantage in money laundering up to this point. However, machine learning and AI could finally provide the advantage that organisations have been seeking.

It's this kind of insight that caused Lucinity to focus on integrating AI into its AML Solutions platform. This is a technology that integrates the best of AI and machine learning with key attributes of human intelligence, including the abilities that humans have when it comes to contextualising, interpreting and creatively combining numbers. Every element of Lucinity software has been designed to make it easy to implement effective AML Solutions, from the comprehensive transaction monitoring - which offers better detection and faster review - to the actor intelligence, which is backed by comprehensive data analysis. The platform also includes the Lucinity SAR Manager, which makes it simple to file and manage all SARs in one place. The motivation behind all of this is to Make Money Good and to give every organisation the tools to minimise the potential for exposure to money laundering.

This has been Lucinity's mission since the business was first established in 2018. It has come a long way since then, including expanding into a number of new offices, such as London, Brussels and New York. Key core values guide everything that the team does and ensure that Lucinity expands its AML Solutions in alignment with its principles. These values include shared intelligence, the pursuit of excellence with integrity and humility - as well as nurturing the kind of quiet strength that empowers the business and its clients in the fight against financial crime.

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 Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, 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 AML Solutions https://www.lucinity.com" href="">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 Reykjavik, 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.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm