Anti-Money Laundering Trends and Challenges


Reykjavik, Iceland -- (SBWIRE) -- 09/06/2022 -- Anti-money laundering compliance has been a key growth area throughout Europe over the past year, as more and more criminal patterns have been uncovered. Nevertheless, there was a trend towards fewer convictions and penalties between 2020 and 2021, mostly attributable to the restrictions of the pandemic. EMEA proved to be the exception to the rule with financial penalties totaling $3.4 billion, up from $1 billion the year before. Continued strengthening of Anti money laundering compliance has become the key theme for 2022, especially in the light of unprecedented events, such as the sanctions imposed on Russia in the wake of the invasion of Ukraine. Another key trend in anti-money laundering compliance has been an increase in regulation, for example the European Union continued to implement a series of anti-money laundering directives and a review of anti-money laundering compliance legislation is under way in many countries in the region, including the UK.

Some of the biggest challenges for anti-money laundering compliance across the board come from identifying who the customer is, who the UBOs are and what business is being undertaken. Free, public ownership registers are a recent development but many countries still have yet to establish these or make them available on a broader scale. Data aggregation is another big challenge to ensure anti money laundering compliance - artificial intelligence and machine learning are likely to make a big difference here - and human trafficking and modern slavery remain one of the biggest challenges. Others include the use of ransomware to launder money, as well as trade-based money laundering.

Lucinity has recognised just how tough it is for organisations to stay on top of anti-money laundering compliance, given the wealth of trends and challenges that continue to arise on a daily basis. Ever since it was first established, the firm has applied the approach that better, faster tech solutions hold the key to improving anti money laundering compliance and making it more difficult for financial crime to succeed. Lucinity's anti money laundering compliance software has been created on the basis that a combination of human intelligence and technological innovation can be optimised to help improve compliance risk monitoring, as well as increasing productivity across the business.

Established in 2018, Lucinity now operates across the Nordic region and beyond - the team is spread over offices in Brussels, New York, London and Reykjavik. Anti-money laundering compliance at Lucinity is driven by a number of key values that have heavily influenced the way that the software has been developed. These include human respect, empathy and understanding, shared intelligence and using a quiet strength to empower businesses against financial crime. The team's commitment to Make Money Good is changing anti money laundering compliance today.

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 FinTech's.

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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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.