Treasury Confirms Changes to Anti-Money Laundering Compliance Following Regime Review


Reykjavik, Iceland -- (SBWIRE) -- 09/15/2022 -- 2022 has been a year in which big strides have been taken where anti-money laundering compliance is concerned. In the UK, the government published the outcome of its consultation on amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) over the summer. It also published a draft of the statutory instrument that would be used to implement changes to anti-money laundering compliance. The amendments that have been proposed as part of the regime review are designed to bring the existing regulations in line with FATF standards (Financial Action Taskforce, the framework of measures that countries should implement in order to help minimise the potential for money laundering). The regime changes will also fill any gaps in current regulation, especially with respect to crypto assets.

Overall, the regime review that has taken place (which consisted of many different elements including the consultation on amendments to MLRs and two post-implementation reviews of the MLRs and Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017) concluded that there was no wholesale overhaul of the system required in the UK. Instead, the government's approach is likely to be on the basis of incremental improvements and finding solutions to specific problems and gaps in the current structures.

Technology provides a powerful tool for governments and organisations seeking to create more comprehensive solutions when it comes to anti-money laundering compliance. This is something that Lucinity has focused on ever since the firm was first started in 2018. Lucinity's platform brings together the best of human intelligence and the best of artificial intelligence, leveraging both in order to create powerful solutions to tackle money laundering and help to empower companies of all sizes to reduce exposure. Partly due to the fact that regimes do change, anti-money laundering compliance can be a big challenge for any organisation and the Lucinity platform is designed to make it not only simple but efficient too. Plus, it comes with a range of inbuilt benefits, such as improving business-wide productivity.

Lucinity's software is used internationally today and the business has expanded in order to meet the demand that this has generated. Now, Lucinity has offices in Brussels and Reykjavik, London and New York and caters to the needs of organisations - large or small - seeking to focus on anti-money laundering compliance. The business is built on a number of core values, including continuous learning and shared intelligence, as well as the pursuit of excellence. With a positive, innovative culture within the business resulting in a product that is actually designed to make a work effectively, Lucinity is able to make a tangible impact when it comes to anti-money laundering compliance.

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

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 anti-money laundering compliance visit

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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.