Reykjavik, Iceland -- (SBWIRE) -- 07/28/2022 -- In June 2020, a pilot project was launched in Sweden designed to make it easier to fight financial crime, such as money laundering. This collaboration between Nordic banks and the Swedish police - known as Swedish Anti Money Laundering Initiative (SAMLIT) now looks likely to move from being a pilot project to a regular collaboration, according to most of the banks involved. SAMLIT has many different aspects to it, including the ability for the banks to share with the police information on suspicious transaction patterns etc. This kind of AML transaction monitoring has a key role to play in helping to improve the response to money laundering and strengthen AML regimes. It's vital that schemes like this have the support of the banking sector. So far, SAMLIT has been backed by major Nordic banks including Danske Bank A/S, Nordea Bank Abp, Skandinaviska Enskilda Banken AB, Svenska Handelsbanken AB and Swedbank AB.
As the SAMLIT scheme evolves, the goal will be to establish a more formal collaborative framework - and to underpin this with changes to the law that will make it easier for information sharing to happen. Over the coming years there will also be a push to increase the number of banks that are taking part in the scheme. This is just one scheme in one part of the world but it is already making a big difference to how anti-money laundering is tackled in the Nordic region. Tools, such as AML transaction monitoring, within the SAMLIT scheme, could help banks better manage compliance risk and avoid the penalties that have been imposed by organisations like the FBI in the past.
AML transaction monitoring is one of the key components of Lucinity software - along with actor intelligence and a comprehensive SAR manager. For businesses that are focused on doing better with respect to anti-money laundering, Lucinity provides an easy, user-friendly tool that is genuinely effective. SAMLIT is not the only AML regime that is being accelerated, as jurisdictions across the world seek to minimise the negative impact that crimes like money laundering can have by stopping them at the source. A commitment to Make Money Good drives Lucinity to support commercial organisations in rooting out money laundering and ensuring compliance is tight.
Established in 2018, Lucinity has worked to build software that makes functions such as AML transaction monitoring very simple. This has been achieved by combining both human intelligence and AI, focusing on what each has to add to the situation. That includes the human attributes of planning and execution, as well as creatively combining numbers and everything that AI can do, including assessing probabilities and analysing big data patterns. Lucinity now has offices in Reykjavík, New York, London, and Brussels and continues to expand both in terms of geography and reach.
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 https://www.lucinity.com/signup.
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 Transaction Monitoring visit https://www.lucinity.com
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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.