Reykjavik, Iceland -- (SBWIRE) -- 07/28/2022 -- William Hill's online gambling subsidiary Mr Green fell foul of Sweden's Money Laundering Act in 2021, as well as certain sections of the Gambling Act. As a result, it was issued with two separate warnings, as well as penalties of $3.1 million. The company sought to appeal the penalties but, earlier this year, the appeal was dismissed by Sweden's Administrative Court in Linköping. A statement was made by the Swedish Gambling Authority in which it made clear that Mr Green's appeal was to be dismissed "in its entirety." The Authority went on to highlight the issues that existed in terms of William Hill's AML protection and the problematic level of compliance risk at the business.
In particular, the Swedish Gambling Authority highlighted that William Hill lacked effective routines to tackle the risks of money laundering and that the duty of care established by legislation in Sweden had not been fulfilled by the business. Failures at the business have been multiple and relate both to AML and compliance risk, as well as not taking enough care to help customers in terms of gambling issues. One prime example of the lack of oversight was one customer making a range of deposits totalling SEK 39.3 million, despite having declared income that barely covered the year's losses. Even when the customer did not play online anymore the business took no steps to investigate potential money laundering.
An effective grasp of compliance risk is vital for every enterprise today to avoid the kinds of penalties that have been imposed on Mr Green and William Hill. To help make this easier and more accessible, Lucinity has created AML compliance software that is designed to be simple to use, no matter what the size of the business. The product has been built using expertise and experience in banking compliance, regulation, and data science drawn from across the Lucinity team. It's this combination that has been so vital to designing software that really works when it comes to anti-money laundering and more effective management of compliance risk.
Lucinity was established in 2018 and today is a network of offices that covers a number of key locations, including Reykjavík, New York, London, and Brussels. The business has been recognised as an up-and-comer in tech innovation terms and has established a global profile, not just for an effective product but also a commitment to key values such as the pursuit of excellence with integrity and humility. Being able to help organisations better manage compliance risk will give fuel to the fire against money laundering, which is a crime that creates other crimes and undermines many aspects of society today.
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."
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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.