Reykjavik, Iceland -- (SBWIRE) -- 07/28/2022 -- Money laundering is a global issue, one that the International Monetary Fund estimates could account for as much as 5% of global GDP. It is the kind of crime that perpetuates other crimes and which can undermine the entire fabric of society - as well as future growth and profitability for organisations. This is why anti-money laundering measures, such as AML software, are so important for businesses today. Embedding anti-money laundering mindset in business culture is one of the most effective ways to protect an enterprise from the damaging effects of these tainted profits. Siloed risk operations are no longer effective enough in the light of the global nature of money laundering, which is why it's so important to embed holistic strategies business-wide.
One of the simplest ways to improve precautions in any business is via the use of AML software. This not only makes compliance easier - and helps to minimise exposure to the potential penalties for a breach - but also lowers the risk to the business when it comes to the consequences of clients bringing laundered money into a company's accounts. The knock on effect of well designed anti-money laundering in businesses is huge - it can have a positive impact everywhere, from helping firms to act as gatekeepers against fraud to freeing up more opportunity to focus on customers and improve conversion, retention and customer satisfaction. And, of course, it is vital for customer trust. No one wants to put their faith in a brand that is involved with this kind of money, so firms must be able to prove that precautions are in place.
Lucinity has designed AML software that seeks to make it easier for any organisation to achieve AML compliance. With a desire to Make Money Good, the firm is committed to providing tech-driven opportunities to help today's businesses achieve improved productivity, as well as great protection against exposure to financial crime. The business - and its AML software - has been built on key values, one of which is 'simply human.' This reflects Lucinity's commitment to creating solutions that genuinely help people and which allow human talents and skills to be optimised, rather than excluded.
First established in 2018, Lucinity has grown to a global business with offices in a number of key locations, including Reykjavík, New York, London and Brussels. Its AML software empowers clients to do more when it comes to fighting the consequences of financial crime with the best of human intelligence and AI.
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 Software visit https://www.lucinity.com
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For more information about Lucinity services, please go to https://www.lucinity.com.
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.