Reykjavik, Iceland -- (SBWIRE) -- 02/09/2023 -- New data has revealed that there are some parts of the UK that are more vulnerable to breaches in AML Compliance than others. The data comes from a survey of 500 regulated UK businesses across many different sectors, including legal and finance. It shows that there are some serious issues with AML Compliance in some parts of the UK and that this is creating 'hotspots' where there are more opportunities for money laundering than in other areas. Northern Ireland is one example of this - 71% of those who responded to the survey in this part of the UK had not altered their approach to onboarding new customers since Russia invaded Ukraine. 85% had not changed their approach to monitoring clients since the beginning of the conflict. This means that it would in theory be much simpler for Russian-originating money laundering to happen here.
Since the war in the Ukraine first began, more than 7,000 individuals and 1,200 entities have been added to the thousands of sanctions already affecting Russia. So, there is a clear need for organisation to update AML compliance in light of the war - these shortcomings have been described as "a far cry from proper due diligence." Northern Ireland isn't the only area of the UK to come under scrutiny though, as other parts of the country where clear vulnerabilities exist include the West Midlands and the South West. West Wales has been identified as the location most likely to prevent Russians laundering dirty money.
AML Compliance doesn't have to be hard - that's the reason Lucinity was created, to show that this can be simple and straightforward. Many enterprises, especially SMEs, are often failing at AML Compliance simply because they don't know how to be more effective. What Lucinity does is provide the tools to make existing practices and processes more effective. The software includes all key elements of AML Compliance, including transaction monitoring and actor intelligence. The platform also has comprehensive SAR monitoring built in. Leveraging the best of human and artificial intelligence is a vital part of the process of making AML Compliance easier to do and this is the approach that Lucinity has taken. The result is a system that not only helps to minimise the potential for vulnerability to financial crime but which can also help to improve productivity and reduce alert fatigue in compliance risk processes too.
The desire to Make Money Good has been behind the progress that Lucinity has made in recent years. The firm was established in 2018 and since then has grown into a global presence with offices in key locations across the world. These include New York, London, Brussels and Reykjavik. Lucinity continues to expand as more and more organisations use it for more effective AML Compliance. The business' core values keep it on track in terms of authenticity and focus. These include open and honest collaboration as well as a commitment to knowledge sharing to continuously improve and accelerate progress.
About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to turn legacy AML compliance into faster, smarter augmented intelligence tool. 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 including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.
Company Quote
Founder and CEO, Guðmundur Kristjánsson, comments, "Lucinity means "shine a light," because we illuminate dark finance and shed light on compliance. Our intuitive systems are simple to use, complementing the skills and ingenuity of compliance professionals.
Lucinity makes them superheroes to take on financial crime, saving institutions time and money. By transforming AML compliance, we can have a tremendous positive impact on society. That is why we set out to Make Money Good and create faster, smarter AML."
Start to Make Money Good
To book a Demo of the Lucinity AML Compliance Software visit https://www.lucinity.com/book-a-demo
To find out more information Anti money laundering monitoring visit https://www.lucinity.com
Lucinity are regular attendees at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events visit https://www.lucinity.com/events
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For more information about Lucinity services, please go to https://www.lucinity.com.
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.