Reykjavik, Iceland -- (SBWIRE) -- 07/28/2022 -- AML compliance is increasingly becoming a priority for North American companies, from well-established institutions to some of the most innovative start-ups. In fact, while there are concerns in other parts of the world that the newest businesses are those with the least protection in place, that's not the case in the US and Canada. A new report from Sumsub has identified that more than half of crypto currency firms are planning to increase their identity verification budgets this year, with AML compliance software at the top of the must-purchase list. 200 companies took part in the survey, which also found that 80% of crypto businesses currently use automated AML solutions.
AML compliance software is a simple way to ensure that businesses stay on the right side of the law. For 55% of those that took part in the survey, staying compliant with AML regulations was the main focus. However, there were other objectives for increasing verification budgets across 2022, including helping to build trust and credibility with customers, partners and collaborators and helping to protect an organization against fraud. Automating verification is one of the simplest and most obvious steps that any business can take when it comes to ensuring balancing compliance and customer service, as it's not only more effective but faster than manual processes too.
Lucinity has designed its AML compliance software specifically for the needs of businesses that are seeking to do better when it comes to anti-money laundering. The firm's focus is on creating systems that are easy to use and which bring together the best in human intelligence with all the benefits of technology, such as advances in AI. Lucinity's mission for Making Money Good means making AML compliance software widely available, not just in North America but all over the world - that's why the firm now has a network of offices that includes locations such as Reykjavík, New York, London and Brussels.
Established in 2018, Lucinity brings together expertise and experience in banking compliance, regulation and data science to create a product that really works. Values of shared intelligence, quiet strength and a focus on understanding, respect and empathy for the humanity of stakeholders and clients provides the backdrop for the firm's AML compliance software strategic direction.
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 Software 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.