Spring 2022 Enforcement Trends in Anti Money Laundering


Reykjavik, Iceland -- (SBWIRE) -- 09/06/2022 -- AML Monitoring and enforcement continues to capture headlines all over the world. Regulators have become more active since the end of the pandemic and the situation in the Ukraine continues to be a game changer. There are clear concerns about the rising risk of money laundering in the wake of the invasion by Russia. A list of red flags has been released relating to convertible virtual currency transactions that includes transactions involving IP addresses located in Russia. Increased enforcement is becoming a focus for jurisdictions on a global level and many have changed risk classification. Cryptocurrency has become a major trend in AML monitoring, which is not surprising given that cryptocurrency based crime nearly doubled in 2021. Some locations, such as the US, have not only updated policies and public statements to reflect changing positions but also increased the number and frequency of prosecutions.

Enforcement trends have seen more financial institutions investigated and fined - for example, in the UK NatWest was fined $350 million for AML monitoring failures in the first successful criminal prosecution under the U.K.'s Money Laundering Regulations. HSBC was also fined $85 million for having inadequate anti-money laundering measures in place. The e-payments sector is an area where there is a lot of AML monitoring activity today - this is perhaps unsurprising given that 38% of the UK's e-payment firms had "potential money laundering red flags."

As these enforcement trends indicate, AML monitoring and control is an ongoing battle that can present some serious challenges. Key among these is the fact that the crime, technology and those involved are always evolving. Being able to improve the way that AML monitoring is handled is one of the main reasons why Lucinity created its AML monitoring software. This has been designed to bring together human intelligence with artificial intelligence - the best of technology and human design - in order to create systems that work with companies and not against them. Simplifying AML monitoring is what will make it more effective and there are many benefits to this, for businesses, economies and wider communities.

Lucinity's AML monitoring software is made up of a number of key components, including transaction monitoring, actor intelligence (to provide a holistic view of customers) and SAR manager to streamline reporting. The firm, which was established in 2018, has continued to evolve its offering to improve the collaboration between software and human systems so that there are many more opportunities to reduce the impact that money laundering has globally. Lucinity now has offices in New York, Brussels, London and Reykjavik and is continuously evolving its AML monitoring software in order to deliver better results. As money laundering is a crime that fuels crime, being able to give organisations the tools to tackle this directly is vital to anti-money laundering enforcement on a global level.

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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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.