Reykjavik, Iceland -- (SBWIRE) -- 07/27/2022 -- There is clear evidence that money laundering issues are a big issue in the legal profession in the UK today. The most recent figures from the Solicitors Regulation Authority (SRA) in the UK show that, in the 18 months to April 2022, suspect transactions amounting to a total value of more than £161 million were reported to the National Crime Agency. Given that all but two of these investigations involved money laundering, the need for AML transaction monitoring continues to grow, in the legal profession and beyond. The SRA made a total of 39 suspicious activity reports during the period, while 51 reports had been drawn to the regulator's attention internally and ongoing monitoring was in place for a further 178 investigations.
Although issues like this present across the legal sector - as well as others, such as finance - there are some areas that are particularly dominant. Conveyancing, for example, was responsible for three-quarters of the suspicious activity reports that were made. There was also a tendency towards smaller practices being the focal point for this kind of activity with sole practitioners and firms with fewer than 10 partners making up the bulk of the source of reported transactions. While these numbers might seem quite shocking, the SRA also said that they were largely unchanged from years previously and that there were no new dominant trends.
The challenges that exist when it comes to AML transaction monitoring and implementing anti-money laundering measures in general have been a key driver for Lucinity. Smaller firms may not have the capacity to put in place extensive systems, which is why easy-to-use AML transaction monitoring can be vital. Lucinity's focus is on Making Money Good by continuously improving organisational productivity while fighting financial crime. It is often those smaller firms that suffer most when in contact with laundered profits - these are the profits of the world's worst crimes, from people trafficking to international drug smuggling. They can create significant exposure for any business, especially those in the legal sector.
Lucinity was established in 2018 and has worked to support all those enterprises looking to improve the measures that are in place when it comes to money laundering, including AML transaction monitoring. The firm has grown significantly since its early years and now has offices globally in Reykjavík, New York, London and Brussels. The company uses technology to augment and advance human intelligence, backing this up with a consistently collaborative and human approach.
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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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.