Reykjavik, Iceland -- (SBWIRE) -- 09/06/2022 -- Europe's Anti Money Laundering Authority (AMLA) is set to launch in 2023 and bring a new era of AML solutions to Europe. Its priority is the EU's AML and countering the financing of terrorism agenda and, by the time AMLA is fully functioning in 2026, it should be capable of achieving noticeable change. However, the extent of the change the AMLA is able to deliver is going to depend, to a significant extent, on how effective it is really able to be - will AMLA actually be able to make a tangible difference in tackling anti-money laundering across the EU?
Effective anti-money laundering infrastructure needs to cover a range of factors, from enforcement, prosecution and confiscation to collaboration and ensuring that AML solutions don't stop at country borders. AMLA will tap into many of these factors to one degree or other thanks to the oversight powers that the authority has been given. These include directly supervising those with a high risk of exposure, being in a position to oversee the activities of national and regional financial regulators, ensuring that financial information is a key source for law enforcement agencies and facilitating a range of joint analysis. AMLA's aim will be to deliver consistent scrutiny that provides a more comprehensive approach to AML solutions, something that has previously been missing due to the myriad of different approaches in place.
AML solutions is an area of expertise for Lucinity, which has been delivering on this since the business was first established in 2018. No matter what happens with AMLA, there will always be a need for individual enterprises to be able to take responsibility for AML solutions. That's something that Lucinity has tried to make simple, designing software that is not only easy to use when it comes to transaction monitoring and gaining a more holistic view of customers but also in creating a system that has other ancillary benefits, such as improving business-wide productivity too. In what is an increasingly complex area, the Lucinity system has been designed to provide a simple way to tackle money laundering and help to empower companies of all sizes to reduce exposure.
Today, Lucinity operates across many different areas, including Europe and globally. The firm has offices in Brussels and Reykjavik, London and New York and caters to the needs of organisations - large or small - seeking out new, more effective AML solutions. The business has been built on a very specific set of values that start with creating a product that actually makes life easier for the organisations that are using it. Continuous learning is a cornerstone of the Lucinity culture, as well as shared intelligence and the pursuit of excellence with integrity and humility. Such a visionary approach has given Lucinity an advantage when it comes to supporting organisations in reducing exposure to financial crime.
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 https://www.lucinity.com/signup.
Lucinity operates globally, with headquarters in Reykjavík, and serves customers ranging from Tier-1 banks to FinTechs.
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 Solutions visit https://www.lucinity.com
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.
About Lucinity
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.