Reykjavik, Iceland -- (SBWIRE) -- 02/10/2023 -- The Swedish gaming authority has been cracking down on compliance failures in recent years and continues to work to enforce an anti-money laundering regime in the region. Spelinspektionen has been particularly critical of the AML Compliance Failures of Pinbet, ATG and Kindred all of which were under scrutiny by the regulatory authorities in investigations that began back in autumn 2021. Each of the investigations looked at a number of customers of these companies and analyzed the way in which AML Compliance had been implemented. The investigations found a range of AML Compliance Failures, for example at a Kindred subsidiary that was investigated, it was found that repeated alerts were being generated about one customer but these were never investigated further as long as the customer was winning. At ATG the regulator found that information on taxable income had only been collected for three customers and that most of the customers investigated had made large deposits without the origin of these ever being checked.
AML Compliance Failures at the companies and their subsidiaries have meant that the Swedish regulator has also dished out fines. These vary in terms of amount with the largest going to Kindred subsidiary Spooniker, which received the highest possible fine Spelinspektionen could issue, at SEK10.9m. The fine for ATG was issued SEK6m and PinBet received a SEK2m fine. Spelinspektionen was very critical of the failings of these companies and continues to be clear about the penalties that will follow for any that don't take steps to meet enhanced due diligence requirements.
AML Compliance Failures are all too common. However, for organisations - in Sweden and beyond - that are keen to avoid these there are solutions available. The Lucinity platform has been designed to help organisations avoid the kinds of AML Compliance Failures that can prove expensive and time consuming. It is a user-friendly system intentionally created to be easy to implement and to make it simple for enterprises to defend against vulnerability to financial crime. Lucinity software includes everything necessary to put robust defenses in place against money laundering. This includes extensive transaction monitoring, as well as actor intelligence to allow businesses to gain a holistic view of customers and extensive SAR management. With Lucinity, any organisation can upgrade the AML Compliance measures in place and avoid the failures that are likely to attract the attention of the regulator.
Lucinity was established in 2018 and has expanded on a global level in the intervening years. The clever combination of the best of human intelligence and AI has made Lucinity software very popular and the business now has offices globally, including in London, New York, Brussels and Reykjavik. It's not just the ease of use of the system, or the effectiveness of the measures, that make Lucinity so popular. It's also the core values of the business, which are built around knowledge sharing, respect and empathy and using quiet strength in the fight against financial crime.
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
For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.
For all other enquiries please contact Lucinity at https://www.lucinity.com/contact
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.