Anti-Money Laundering Monitoring What It Means for Businesses


Reykjavik, Iceland -- (SBWIRE) -- 09/15/2022 -- While it may be true that anti-money laundering regulations rarely deviate in their goal to prevent financial crime, the way this is approached is constantly evolving. This is a necessary part of the process, not just to ensure that current regulations have the widest possible reach - and encompass the latest methods being used by financial criminals - but also that they take into account new platforms and technology. One obvious example of this is the way that regulations are currently evolving in order to take into account the unique situation of crypto assets businesses, which come with a whole new range of high-risk factors that mean enhanced risk mitigation and anti-money laundering compliance monitoring is a necessity. Obligations for anti-money laundering monitoring extend to every organisation, from the smallest start-ups to global companies. Investing in effective anti-money laundering solutions is vital to ensure compliance.

When focusing on anti-money laundering monitoring and regulatory compliance it's crucial for businesses to avoid a tick box approach. Measures should be unique and appropriate to the individual business. There are many examples of situations where a business has failed to look at the way regulations can be made operationally effective within their own organisation, not just in general, - and failed at compliance as a result. It's also vital to ensure that all processes being used for anti-money laundering are user friendly and staff can understand how and why they are doing certain activities. It will also be necessary for any business looking to be effective when it comes to anti-money laundering monitoring and compliance to continuously update systems and software to take into account changes that are the result of ongoing evolution in regulation. There is plenty of guidance out there on anti-money laundering, as well as tools to help ensure a business is effective.

One of these tools is an AML solution like the Lucinity platform. When it comes to anti-money laundering monitoring and compliance solutions, technology has a great deal to add to the discussion. The right software can make a big difference to whether or not an organisation achieves compliance standards. That's why Lucinity software is created to be broadly applicable, very user friendly and simple to use. It has a number of different components, including actor intelligence and reporting as well as transaction monitoring - and the system even offers opportunities for any business to make broader productivity improvements too. Lucinity software has a cutting edge because it combines some key benefits of human intelligence (such as planning and execution, creatively combining numbers and contextualising) with exceptional artificial intelligence traits (crunching numbers, analysing big data patterns and assessing probabilities). This powerful mix creates a genuinely useful tool that makes a big difference to reducing exposure to financial crime.

Established in 2018, Lucinity has evolved into a global business focused on empowering businesses to improve anti-money laundering monitoring and make solutions more effective. Today, with bases in London, Brussels and New York - as well as Reykjavik - the team is able to reach a wide range of enterprises in many different countries so all can enjoy the benefits of this innovative software. The goal for the business is to Make Money Good, implementing technology that can give organisations more control and implement AML solutions in a human-first way. The human-first approach is something that is evident throughout the business, including when it comes to values that are prioritised, such as pursuing excellence with integrity and humility and information sharing.

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."

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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.