Reykjavik, Iceland -- (SBWIRE) -- 07/28/2022 -- Global supply chains have become a complex place over the past year with an ever-expanding web of export bans and restrictions on a number of individuals and entities making things even more complicated. Navigating this landscape better, in order to mitigate risk and generate paths to growth, means tapping into all available tools. AML transaction monitoring is most traditionally tied to the way that financial institutions ensure their resources are free from laundered profits. However, it is now becoming an increasingly vital tool with respect to sanctions compliance too, which makes AML transaction monitoring critical for global businesses focused on risk mitigation in international supply chains. Why has this become so essential? Well, AML transaction monitoring has such a big role to play when it comes to sanctions against Russia, for example, because it can be difficult to identify who actually has an interest in a financial transaction. This is due to the use of extended payment chains, anonymous legal entities, and shell companies with less than transparent ownership. Where AML transaction monitoring is in place, any changes in customer behaviour will trigger a closer inspection - and it can also be used to look for specific Russian typologies. In both cases, AML transaction monitoring will help to reveal both sanctioned activities, as well as sanctioned actors, better mitigating risk right along the supply chain.
With AML transaction monitoring playing such a key role in sanctions compliance, it's vital that the systems used to implement this are straightforward and easy to navigate. This is something that Lucinity has embedded at the heart of its process, creating software that combines the best in human intelligence with all the advantages that are offered by AI. Making Money Good is the business' ultimate aim, ensuring that systems like AML transaction monitoring make it easy for businesses to steer clear of those they would rather not engage with, whether that is international people traffickers or sanctioned Russian actors.
Lucinity was established in 2018 and has built a business around improving anti-money so that it can be used as a transformative tool, not just within a business environment but more broadly in society too. The firm has a global presence, with offices in Reykjavík, New York, London, and Brussels, and operates on the basis of key values, such as shared intelligence, respect, and empathy.
About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to Make Money Good. Lucinity aims to solve productivity and efficiency issues for financial institutions through the company's 'Human AI' approach, a toolset that combines next-generation AI with human insights and expertise.
By leveraging AI, the AML software learns from every interaction and continues to improve indefinitely, providing fewer false positives and saving time. This is on top of its best-in-class interface and visualizations that put users first. Professionals can experience Lucinity's AML compliance solution, including transaction monitoring, through a free demo environment available on https://www.lucinity.com/signup.
Lucinity operates globally, with headquarters in Reykjavík, and serves customers ranging from Tier-1 banks to FinTechs.
Company Quote
Founder and CEO, Guðmundur Kristjánsson, comments, "Lucinity's unique experience in banking, compliance, regulation, and data science has helped us develop a new approach to tackling money laundering—harnessing the best of human intelligence and augmenting it with advanced AI.
Our simple-to-use systems work with analysts, not against them, complementing their skills and making them superheroes so they can take on financial crime, saving institutions time and money in the process.
We believe that by transforming AML, we can have a tremendous positive impact on society. Money laundering is a crime that fuels crime. That is why we set out on the mission of Making Money Good."
To find out more information about AML Transaction Monitoring visit https://www.lucinity.com
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For more information about Lucinity services, please go to https://www.lucinity.com.
About Lucinity
Lucinity is an AML software company, founded in 2018, with offices in Reykjavík, New York, London and Brussels. Using advanced AI systems, we help banks discover money laundering and really know their customers, more efficiently – to stop the funding of serious crime across the world.