Anti-Money Laundering Monitoring of Paramount Importance


Reykjavik, Iceland -- (SBWIRE) -- 09/16/2022 -- Now is the time for organizations to invest in anti-money laundering monitoring. There has never been more pressure to make this a priority, whether that is due to the way that authorities are cracking down on a lack of proactive measures when it comes to money laundering, or to avoid the potentially high fines that can be issued for businesses that fail to comply. The Anti-Money Laundering Act (2020) came into force in 2021 and marked the most significant tightening up of policy with respect to financial crime and money laundering since the USA Patriot Act (2001). Authorities now have expanded power to go after businesses with poor anti-money laundering monitoring and measures in place - in the USA and Europe too. Violations are no longer tolerated, no matter where in the world a business is based, and this is only likely to get stricter as time goes on.

Effective anti-money laundering monitoring today requires investment in technology and automation to help cope with the volume and detail that is necessary. When it comes to digital transformation in this area it's vital for firms that they don't lag behind - and that means ensuring that measures in place provide protection in a number of key areas. For example, most firms will need to review and redefine existing anti-money laundering monitoring processes and implement new measures. The way that data is stored, protected and managed is also going to have a big impact. Culture within an organization is another area where many need work, with a focus on making change in anti-money laundering monitoring a priority. And then there is the need to invest in the right tech to support a business through key change and quickly limit exposure.

Lucinity has integrated all these considerations as part of its platform design. The software is not only intended to make transaction monitoring more effective but also to provide effective support in any other areas, including reporting and actor intelligence. That's not where it ends as businesses that invest in Lucinity technology also benefit from the firm's determination to help deliver productivity improvements too and to make it easier to avoid alert fatigue. Key to the success of the Lucinity platform has been the way that it combines the best of human intelligence (such as planning and execution, creatively combining numbers and contextualizing) with the best that artificial intelligence has to offer (crunching numbers, analyzing big data patterns and assessing probabilities). This dual approach makes it much simpler for firms to deliver on anti-money laundering monitoring as a matter of paramount importance.

Lucinity has been building the support it provides to organizations globally since the firm was first established in 2018. Today, with bases in London, Brussels and New York - as well as Reykjavik - Lucinity's reach is extensive. Core values have driven the way that Lucinity's platform has developed, from information sharing to pursuing excellence with humility and integrity - and these will continue to provide an effective framework for how the business evolves going forward. Being able to prioritize anti-money laundering monitoring to the extent necessary for compliance is going to involve a tech investment for many businesses and Lucinity is the obvious choice.

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

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 anti-money laundering monitoring visit

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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.