EU Authorities Want AML Transaction Monitoring Software for DeFi


Reykjavik, Iceland -- (SBWIRE) -- 11/23/2022 -- Decentralised finance (DeFi) is increasingly the focus for regulators and lawmakers across the EU. The European Commission has now started to look further into DeFi, in particular when it comes to developing, deploying and testing technological solutions for "embedded supervision of DeFi activity." This is all about transaction monitoring and using tools like AML Transaction Monitoring Software to provide more insight and transparency where this type of finance is concerned. The way that the European Commission is proposing to implement this is by studying Ethereum data, which is the biggest settlement platform of DeFi protocols.

The main focus for the study being carried out by the European Commission is automated supervisory data gathering directly from the blockchain. The intention is to investigate the technological capacity for monitoring DeFi activity in real time. Whatever the results of the European Commission study there is going to be a clear requirement for AML Transaction Monitoring Software to support this new regulation of DeFi. The outcome of the study could have a considerable impact, especially when it comes to the role of certain market participants - like decentralised autonomous organisations. It's probably no surprise to anyone that DeFi is now the focus for EU lawmakers, as the crypto world has been under intense scrutiny, especially in the light of the collapse of the Terra/LUNA ecosystem. The Markets in Crypto Assets Regulation (MiCA) bill has already been approved, designed for regulating all crypto currency related activities - and that's unlikely to be where the EU's efforts end.

But what does this mean for organisations affected? One obvious area of development is going to be the need for every EU firm to invest in up-to-date AML Transaction Monitoring Software to ensure compliance. There are many benefits to this kind of investment, including more transparency and insight. Lucinity is AML Transaction Monitoring Software that provides a comprehensive range of tools for improving defence against money laundering. It has been developed to make AML Transaction Monitoring highly accessible to every organisation and includes a range of other features, such as actor intelligence and the Lucinity SAR manager, which can be used to streamline the reporting process. Lucinity is driven by a combination of human and artificial intelligence. AI attributes, such as analysing big data patterns, crunching numbers and assessing probabilities, are combined with human talents like contextualising, creatively combining numbers and planning and execution.

Lucinity was established in 2018 and has now expanded into a network of locations that includes New York, Brussels, Reykjavik and London. The team brings a wealth of experience in banking, compliance, regulation, and data science to the challenge of developing a new approach to tackling money laundering. It's this that has driven the evolution of Human AI as the foundation of the Lucinity platform, alongside, a firm foundation of core values that include a commitment to knowledge sharing and investing time and resources in developing respect, understanding and empathy for the team and also its clients.

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 AML Transaction Monitoring Software 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.