Financial Services Firms Face Staff Shortages in Compliance Risk


Reykjavik, Iceland -- (SBWIRE) -- 09/15/2022 -- Financial services firms now face an almost-unprecedented level of regulatory change and almost three quarters expect their regulatory burden to increase in the coming year This is creating significant challenges for firms, large and small as all look for ways to process exceptionally high activity and demand. The major issue for most is the lack of headcount to help deal with the increase in regulatory activity. While most financial services companies are looking ahead at the coming year and see more changes to deal with, 61% (according to a recent Reuters survey) say that they don't believe their teams will increase in size as a result. This is even more of a challenge in the UK where 65% of firms in this sector say that they won't be recruiting additional compliance risk specialists in the next 12 months.

Compliance risk remains a high priority in financial services firms across the UK and Europe - the changes of recent years, as well as those that are incoming, present many challenges. However, there is also a reticence to hire new compliance risk staff. Many firms cite budgetary constraints as the reason for this, necessary belt tightening that is happening organisation-wide in many enterprises today. The cost of senior compliance risk staff is also another barrier to ongoing recruitment, preventing many firms from being able to increase numbers, especially at the most experienced end of the spectrum.

When it comes to managing compliance risk, the challenges that firms face continue to evolve so it's vital that every business has the right level of support. Lucinity has designed a platform that is intended to help organisations manage compliance risk, even in the face of limits with respect to how many new staff can be recruited. Lucinity's anti money laundering compliance risk software combines human intelligence and technical innovation. It leverages all the opportunities that technology presents to help make compliance risk management faster, better and more effective. Not only that but the Lucinity platform is also designed to have organisational benefits, including improving productivity and reducing alert fatigue in a compliance risk monitoring process. It's the ideal solution for any business where the burden of compliance continues to rise while human resource support doesn't.

Lucinity was established in 2018 and the firm now has offices in the Nordic region as well as many other global locations, including Brussels, New York and London. The team's commitment to Make Money Good is changing the opportunities available for organisations to better manage compliance risk today, opening up not just accessibility but also effectiveness. The business has been built on a number of key values that include empathy and understanding, shared intelligence, human respect and using a quiet strength to empower businesses against financial crime. Even for those orgaisations with the tightest budgetary constraints it presents an effective response.

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."

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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.