EU Agrees on Landmark Crypto Compliance Risk Regulation


Reykjavik, Iceland -- (SBWIRE) -- 10/03/2022 -- There has been plenty of coverage of the "Travel Rule" recently, which is the EU's tool for ensuring that virtual crypto exchanges are capturing and sharing customer details. However, that's not the only way in which the EU has been focusing on crypto compliance risk regulation recently. There has also been a concerted effort to create a pretty expansive regulatory framework to bring harmony and clarity to member states across the EU. The landmark crypto compliance risk regulation framework is called Markets in Crypto Assets (MICA) and it applies to issuers of unbacked crypto assets and stablecoins as well as the myriad of wallets and trading venues where these are likely to be held.

MICA is such a landmark because it finally puts into place a comprehensive compliance risk regulation framework for crypto assets. The EU has been playing catch up for years as this technology has evolved and left it behind and anti-money laundering laws, which have been fragmented and full of loopholes, have been easily gamed across the EU. Now, this EU-wide regulation will provide an opportunity for regulators and governments across the continent to get out ahead of money laundering with much more comprehensive crypto compliance risk regulation in a clear and usable framework. As well as helping to prevent money laundering, MICA will better protect Europeans who are investing in crypto and help to prevent the misuse of crypto assets.

It will take a very wide range of AML tools and solutions to help change the picture where money laundering is concerned. That's an area where Lucinity is making a real contribution, providing organisations with a platform that actually works when it comes to minimising exposure to money laundering and financial crime. Despite the increase in regulation with respect to areas such as crypto assets, it is still difficult for organisations to stay on top of the best ways to combat money laundering and to access the most effective technology for this. Lucinity software represents a simple solution that is highly effective too. It is made up of a number of different elements that are vital when it comes to compliance risk regulation, including transaction monitoring with better detection, faster review and super-efficient SAR management, as well as actor intelligence that allows any organisation to gain a holistic view of its customers.

Lucinity software is now used worldwide by enterprises and organisations seeking to focus more on anti-money laundering and crypto compliance risk regulation. Today, the business has offices in Brussels and Reykjavik, London and New York and continues to expand year-on-year. Part of the momentum behind the growth at Lucinity has been the consistency with which the team has adhered to core values such as continuous learning and shared intelligence, as well as the pursuit of excellence. The team also subscribes to the idea of Making Money Good and the way in which technology can make a tangible difference to how effectively organisations are able to minimise their exposure to money laundering risk.

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 compliance risk regulation visit

Lucinity are regular attendees at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events visit

For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.

For all other enquiries please contact Lucinity at

For more information about Lucinity services, please go to

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.