AML Compliance Guidance for Regulated Businesses Like Banks and Financial Services


Reykjavik, Iceland -- (SBWire) -- 09/30/2022 --Regulated sector businesses need to have particularly stringent measures in place when it comes to anti-money laundering protection. Banks and financial services companies face increased risks compared to many other organisations, which is why it's so vital to have clear AML compliance guidance in place. The Money Laundering Regulations (MLRs) are a key piece of AML compliance guidance for organisations that are regulated in the UK and looking to ensure they are minimising money laundering risk and taking all possible steps to protect the business. These are some of the key elements of AML compliance guidance for regulated businesses to note:

Effective Know Your Customer (KYC) checks are vital. Customer due diligence is a must have for any regulated business today. That means establishing all required basic information about those using a service, from name and address for individuals, as well as ultimate beneficial owner for businesses.
Establishing policies, controls and procedures. Every organisation needs to have policies, controls and procedures in place, aligned with the requirements of the MLRs. What is required will depend on the individual business and advice may be needed to clarify this.
Proper enforcement. AML compliance guidance must necessarily include a word on enforcement. Even the most comprehensive anti-money laundering measures will be ineffective if they are not supported by enforcement. That means ensuring that measures are active and always being implemented.
Taking into account additional obligations. The requirements of the MLRs need to be integrated with any additional obligations that arise from the specific practices of a regulated business, whether that relates to lending or crypto currency.

Sectors such as banking and financial services have been under a lot of pressure to conform to AML compliance guidance in recent years. There is a lot less leeway than there used to be, more danger of reputational damage and a lot more regulation to contend with. That's why, for many organisations, the key is simplification. This is certainly the approach that Lucinity has taken with its AML compliance software, which is designed to make it much easier to comply with regulation. It includes a number of vital elements for anti-money laundering compliance, including transaction monitoring and tools to streamline the reporting process, and is informed by the best in human intelligence as well as all the finest attributes of the latest AI.

The work that Lucinity has done to give more enterprises access to software that enables AML compliance guidance to be met is now recognised on a global level. The firm is expanding, with offices in London, New York and Brussels, as well as Reykjavik. Principles such as continuous learning and empathy and human understanding have driven the growth of the business and underpinned the culture at Lucinity. Core values that demonstrate a commitment to innovation while remaining true to a human path help to keep the business authentic, effective and evolving.

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 Compliance Guidance 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

Notes to Editors:

- 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.

Media Relations Contact

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