Choosing Anti-Money Laundering Solutions for Banks and Fintechs


Reykjavik, Iceland -- (SBWire) -- 09/30/2022 --For banks and fintechs, the right anti-money laundering solutions are going to be vital in the coming months. As instances of financial crime continue to rise there is increasing pressure to deliver on AML compliance - as well as serious consequences for organisations where effective measures have not been put in place. Currently, money laundering losses amount to up to 5% of global GDP and the relentless drive towards innovation in technology and systems has opened up lots of loopholes. For example, cryptocurrency money laundering rose by 30% in 2021. The only way for banks and fintech's to fight this rise in volume and sophistication is to invest in anti-money laundering solutions that are similarly advanced. There are lots of different options out there when it comes to anti-money laundering solutions and each offers a different approach.

Transaction monitoring is always going to be a vital part of anti-money laundering solutions, ploughing through vast volumes of data and analysing it on the basis of risk rules. Those risk rules could be anything, from looking for suspicious activity to cash withdrawals and large cash deposits. Suspicious Activity Reports (SARs) are the way that this kind of information is presented to be of use to the businesses that are looking to protect themselves with anti-money laundering solutions. Customer behaviour that looks out of the ordinary can be the clearest sign that there is a problem, which is why the quality of transaction monitoring is so important for banks and fintechs choosing anti-money laundering solutions.

Lucinity recognises the importance of transaction monitoring and this is something that has been prioritised in the software. It is part of a holy trinity of tools available to help organisations when it comes to anti-money laundering solutions, alongside actor intelligence and a SAR manager. The Lucinity platform has been developed as Human AI, which brings together the most effective features of being human (such as contexualising and creatively combining numbers) with everything that artificial intelligence has to offer (including assessing probabilities and analysing big data patterns). The goal is to make anti-money laundering solutions not just accessible but super effective too - giving banks and fintechs an advantage in the fast-evolving world of financial crime. The software defines best practice for Human AI setups and empowers teams to do more in anti-money laundering terms.

However, that's not the end of the story when it comes to what organisations can achieve with Lucinity. The platform has also been designed to enable businesses to enjoy productivity improvements too and to make it easier to avoid alert fatigue. The innovative team at Lucinity is always looking for new opportunities to enhance customer experience, building innovation around core values, such as continuous learning. From the early years of the business in 2018 it has grown into an organisation with offices in Reykjavik, London, Brussels and New York. The commitment that the firm has to Make Money Good is a message that it is now able to spread on a global basis, especially as the business continues to grow.

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 anti-money laundering solutions 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

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

Steve Pailthorpe

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