Reykjavik, Iceland -- (SBWIRE) -- 11/02/2022 -- It wasn't that long ago that Fintech companies were considered relatively new to the financial services market. However, in recent years they have proliferated in numbers and become much more broadly accepted. Today, banks and FinTechs are very much part of the same industry and that has meant a significant increase in scrutiny and requirements for compliance where FinTechs are concerned. While that may sound fairly simple in principle, it's worth remembering that banks have been subject to regulation and scrutiny for decades while for the fintech, AML Compliance is a relatively new thing. For those without a depth of institutional knowledge, or where there aren't the human resources to use to focus on compliance, that can be incredibly challenging.
What's becoming increasingly obvious is that, although regulation is clearly necessary where Fintechs are concerned, this should be achieved without having the impact of stifling innovation. The fintech sector is renowned for being innovative and has created some of the biggest shifts in financial services in recent years. Regulation that squashes this would not be useful for any of us. One key example is when it comes to customer processes - some smaller Fintechs may struggle to collect all the necessary data on customers, or to process all the documents that customers submit during the onboarding process (which can be up to 500 per customer) and this is often where AML compliance starts to fall apart. So, the future of fintech AML compliance is going to have to factor in the regulatory burden this can create and how to ensure that standards are met without slowing Fintechs, or their innovative energy, down.
One of the simplest ways to ensure AML compliance without stifling innovation and creativity is to use technology to do it. The Lucinity platform is a prime example of the way in which cutting edge technology can be used to better support a very broad range of businesses in AML compliance efforts. Lucinity software is intended to make it easier for any enterprise to minimise exposure to financial crime with a range of tools that are specifically designed for efficiency and ease. These tools include sophisticated transaction monitoring as well as actor intelligence to gain a more holistic view of customers and a comprehensive SAR manager that allows for reporting processes to be streamlined. Fintechs - and any organisation of any size - can use a platform like Lucinity to empower themselves to do more when it comes to AML compliance.
It's the simplicity of the system that has been so vital to Lucinity as the business has grown since it was first established in 2018. Today, you'll find Lucinity supporting Fintechs, banks and a broad range of other organisations, on a global level. The team has offices in New York, London, Brussels and Reykjavik and continues to expand year by year. Lucinity software is a crucial part of compliant growth for fast-moving Fintechs. The business has experienced its own swift expansion in recent years and it has been thanks to deeply embedded company core values, such as shared intelligence and the pursuit of excellence with humility and integrity, that the business has been able to thrive and retain a consistent culture and focus.
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 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 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.