Reykjavik, Iceland -- (SBWIRE) -- 02/10/2023 -- In the summer of 2021, amendments made to regulations under Canada's Proceeds of Crime Money Laundering & Terrorism Financing Act (PCMLTFA) of 2019 came into force, introducing a wealth of new changes designed to combat financial crime. Among the changes are a broader range of requirements for the ways in which reporting entities must track, verify, and report on financial transactions. The regulations have been designed to have very wide application, from banks and money service businesses to a range of other enterprises, including casinos and virtual currency exchanges. All the signs from the Canadian regulator in recent years have pointed to an enhanced commitment to ensuring compliance, bringing violators to justice and handing out fines. Which means that - for all the businesses affected - it has been crucial to improve compliance programmes and monitoring systems.
AML transaction monitoring software is going to be vital to organizations looking to upgrade compliance response and avoid the fines and penalties that could result from inadequate systems and processes. Obligations on businesses today increasingly require that they are able to process both internal and external data sources to generate meaningful intelligence and AML transaction monitoring software is going to be key to this. As digital currencies continue to gain ground this is also creating many different challenges. The AML transaction monitoring software tools that exist provide organizations with more options to ensure that adequate compliance measures are in place.
Lucinity is AML transaction monitoring software that is tried and tested when it comes to better supporting enterprises with regulatory compliance. It is a platform created to be intentionally easy to use with tools that really make a difference to the way the business can respond to the threat of financial crime. Lucinity's AML transaction monitoring software makes the benefits of Human AI available to every organization. This is a combination of the most effective elements of artificial intelligence (such as assessing probabilities and crunching numbers) alongside all the best parts of human intelligence (e.g., creatively combining numbers and planning and execution). Lucinity's AML transaction monitoring software also includes comprehensive data analysis to provide a holistic review of customers, as well as next level SAR management. As financial crime continues to expand and threaten global businesses, as well as the societies in which they exist, it's increasingly important to leverage every tool available in the fight against money laundering.
Since Lucinity was established in 2018, the business has been driven by the mission to Make Money Good. This has meant providing key support to a broad spectrum of organizations in combating financial crime through effective AML transaction monitoring software. Today, Lucinity is part of a global network that includes offices in London, New York, Brussels and Reykjavik and the team continues to expand. This expansion is powered by core values at Lucinity, which include honest and open collaboration to achieve the best possible solutions, as well as a commitment to shared intelligence.
About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to turn legacy AML compliance into faster, smarter augmented intelligence tool. 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 including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.
Company Quote
Founder and CEO, Guðmundur Kristjánsson, comments, "Lucinity means "shine a light," because we illuminate dark finance and shed light on compliance. Our intuitive systems are simple to use, complementing the skills and ingenuity of compliance professionals.
Lucinity makes them superheroes to take on financial crime, saving institutions time and money. By transforming AML compliance, we can have a tremendous positive impact on society. That is why we set out to Make Money Good and create faster, smarter AML."
Start to Make Money Good
To book a Demo of the Lucinity AML Compliance Software visit https://www.lucinity.com/book-a-demo
To find out more information Anti money laundering monitoring visit https://www.lucinity.com
Lucinity are regular attendees at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events visit https://www.lucinity.com/events
For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.
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For more information about Lucinity services, please go to https://www.lucinity.com.
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.