Netherlands Banks Must Address AML Compliance Risk of Beneficial Ownership


Reykjavik, Iceland -- (SBWire) -- 09/30/2022 --The Financial Action Task Force (FATF) has emphasised how important it is for Netherlands banks to ensure that legal persons aren't being used for criminal interests going forward. The FATF released the latest Mutual Evaluation Report in August of this year with a focus on how more resources are necessary to help address the AML compliance risk of beneficial ownership. Beneficial ownership relates to those who own, control or benefit from specific bank accounts. Where information about who these natural people actually are isn't clear it creates a lot more room for money laundering activities to take place unchecked. Focusing on addressing the AML compliance risk of beneficial ownership is something that Netherlands banks will now have to make a priority as a result of the spotlight that has been placed on it thanks to the FATF and its latest report.

The issue of transparency is one that every country faces when it comes to financial firms and institutions. This is where the door is either opened to potential financial crime or slammed shut. AML compliance risk is considerably lower where transparency levels are high and can increase again where there is very little transparency. That's incredibly problematic for countries like the Netherlands that are looking to improve their record with financial crime and comply better with international standards and sanctions. Because money laundering is essentially a crime that facilitates other crimes, it takes the efforts of a global community in order to put effective restrictions in place.

It's not just in the Netherlands where regulators are already focusing on the need to address a lack of transparency and the AML compliance risk of beneficial ownership. This is a theme in countries all over Europe, and beyond today. Lucinity has developed a platform that is designed to help any organisation better handle AML compliance risk and make this more manageable, no matter what the size of the business or the industry in which it functions. The Lucinity platform is intended to supercharge the financial crime teams that are responsible for handling AML compliance risk and provide a range of tools to achieve this more effectively. That includes functions such as transaction monitoring, actor intelligence and a SAR manager. In addition, the team at Lucinity has added in functionality that helps to improve productivity and reduce alert fatigue in compliance risk monitoring processes.

Lucinity has offices in Brussels, New York, London and Reykjavik today, which is an expansion that the firm has achieved in just a few short years since 2018. The popularity of Lucinity software is not just based on the fact that it is easy to use but effectiveness too - a combination of human intelligence and technological innovation is optimised to help improve AML compliance risk monitoring and make it simpler to defend against financial crime and the impact this can have on any organisation. Lucinity's progress has also been driven by a commitment to key values including shared intelligence, human respect, empathy and understanding and leveraging a quiet strength to empower businesses against 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

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 risk visit
Lucinity are regular attendees at Anti-Money Laundering and FinTech 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

View this press release online at: