Reykjavik, Iceland -- (SBWIRE) -- 02/09/2023 -- Yet more issues with compliance among UK based banks, as the UK regulator handed out another fine in December, this time to Metro Bank. London-headquartered Metro Bank was fined for publishing incorrect information to investors, something that the Financial Conduct Authority (FCA) says the bank was fully aware of. In fact, the FCA is so convinced that the top team at Metro Bank knew about the failure in compliance that it has also taken action against former Chief Executive Craig Donaldson and former Chief Financial Officer David Arden. Both received fines as a result of what the FCA says was being knowingly concerned with what happened, £223,100 for Donaldson and £134,600 for Arden.
The problem arose with respect to quarterly financial results, which include a report on prudential position and Risk Weighted Assets (RWAs). The quarterly update published on 24th October 2018 included incorrect numbers for the RWAs. According to the FCA, the bank was fully aware that the numbers were incorrect when published but didn't seek to explain this in the update. The regulator also highlighted how the bank then didn't look for any legal advice on whether the figures that had been provided should be explained or qualified after they had been published. The whole sorry scenario led to the accusation that Metro Bank had not taken reasonable care to make sure that the announcement was not false and misleading and didn't omit relevant information. When the RWAs figure was eventually publicly corrected in January 2019, Metro Bank saw a 39% fall in its share price.
The FCA is increasingly targeting UK banks when it comes to compliance failures, including those that relate to money laundering. The issue of financial crime is one that affects organisations globally and which needs attention from every enterprise in order to have an impact. This is why Lucinity was created - to provide every organisation with the opportunity to ensure compliance where money laundering is concerned. The platform is intentionally simple to use - but highly effective. It brings together all the key elements of AML compliance, including transaction monitoring, SAR management and extensive actor intelligence. The software is a combination of human intelligence and artificial intelligence, designed to blend the best attributes of both. This includes the contextualising, interpreting and creatively combining numbers that humans are so good at, as well as the large data patterns analysis and assessing probabilities that AI is able to offer.
Lucinity has grown significantly since the business was first established in 2018. Today, with offices in multiple locations globally - London, New York, Brussels and Reykjavik - the team is at the forefront of what is possible in AML compliance terms. Supporting organisations in making it easier to meet compliance standards is vital to what the business does. This is anchored in the mission to Make Money Good and supported by a number of key core values that include shared intelligence and employing a quiet strength as a tool to empower in the fight against financial crime.
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.
For all other enquiries please contact Lucinity at https://www.lucinity.com/contact
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.