Lucinity

Transaction Monitoring a Key Challenge in AML Prevention

 

Reykjavik, Iceland -- (SBWIRE) -- 11/02/2022 -- Innovation is a vital component in AML Prevention, especially as the tools and systems that are used by criminals get increasingly sophisticated and complex. However, many firms today feel that innovation is tricky in this area, especially with an increasing burden of regulation. These are the firms that are likely to remain committed to legacy technology and systems that leave them open to exploitation. For example, relying on a manually delivered financial crime risk management and AML Prevention regime can mean that it's challenging to identify the indicators of crime, as well as to collect vital data quickly and mitigate losses. The reality is that innovation is essential for AML Prevention - but it doesn't have to be as expensive and time consuming as it sometimes seems.

The AML Prevention landscape is constantly shifting in the UK, Europe and beyond - that's one of the reasons why it's so essential for innovation to remain constant. Crypto currency, for example, has introduced a whole new range of complications and challenges, including how best to navigate Know Your Customer requirements for custodian wallets and virtual assets. It's also become important for firms to be able to enforce regulatory requirements across partner relationships and to coordinate efforts across all jurisdictions that are covered by the business. Regulators are becoming increasingly stringent in requirements for AML Prevention and less tolerant of those organisations that don't keep up in compliance terms. So, what can firms do?

Lucinity has designed a simple piece of software that is a vital tool when it comes to AML Prevention - and being innovative in compliance terms. The platform is intentionally easy to use and effective for businesses of all sizes and across all sectors. It provides an option for those organisations that are looking to take that essential step away from manual systems and processing and towards a more innovative approach that achieves more in risk mitigation and compliance terms. Lucinity software improves AML Prevention by integrating the best of human intelligence with the most effective attributes of artificial intelligence - from human skills such as contexualising and interpreting through to the way that AI can crunch numbers and analyse big data patterns. This combination helps Lucinity software support organisations with vital features like transaction monitoring and actor intelligence that use data and analytics in real time to spot issues as they arise.

When it comes to AML Prevention, firms that are keen to evolve can do this quickly and simply with software like that being offered by Lucinity. The firm has grown over the years since it was established in 2018 into a global business with offices in London, Brussels, Reykjavik and New York. The effectiveness of the software, combined with the organisational approach has made Lucinity a key name in AML Prevention software today. The team at Lucinity is committed to Make Money Good and to giving businesses the tools necessary to help minimise the risk of exposure to financial crime, for their own good and that of broader humanity.

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 Prevention 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 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.