Reykjavik, Iceland -- (SBWIRE) -- 07/28/2022 -- The challenger bank market in the UK has grown significantly in recent years. On a global level, the value of neo and challenger banks is forecast to reach $471 billion by 2027. Not only is this a fast-growing sector but it's also one that has the potential to shape the future in terms of how we approach financial transactions going forward. Within that, there is an opportunity to better address AML compliance risk too. There is also a challenge - if compliance risk isn't properly addressed in this emerging market then it could provide the fuel for money laundering and other financial crimes to balloon in future.
In the UK, the Financial Conduct Authority (FCA) has already raised concerns over how challenger banks are dealing with compliance risk relating to money laundering. This is due to a large increase in the number of suspicious activity reports during 2021. While there is no disagreement that challenger banks are creating more innovative ways to provide access to financial services using technology, the FCA also cautioned that "there cannot be a trade-off between quick and easy account opening and robust financial crime controls." Some of the FCA's key concerns include challenger bank failures to carry out proper checks on customer income and occupation, as well as a lack of detail in customer risk assessments.
Making the management of compliance risk more straightforward is one of the reasons Lucinity entered the AML software market. The firm's systems are incredibly simple to use and designed to be intuitive for organisations, from property firms to challenger banks. They not only offer a way to reduce compliance risk by minimising the potential for a business to come into contact with the profits of financial crime but also provide options to improve productivity too. Lucinity's vision is underpinned by the idea that improving anti-money laundering can have a transformative impact, not just on the businesses they work with but wider society too. This is especially true given that money laundering is a crime that fuels other crime and, without the right protection, businesses can be exposed to profits from the worst human activities.
Lucinity has come a long way since the business was first established in 2018. Today, you'll find Lucinity offices in a number of global locations, including Reykjavík, New York, London and Brussels. The firm's commitment to its values remains strong, focusing on delivering superior AML software against a backdrop of shared intelligence, quiet strength, and a vision to combine the best aspects of human intelligence with everything that technology has to offer.
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 Compliance Risk 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.