Lucinity

UK Changes to AML Regulation and Outcome of Regime Review

 

Reykjavik, Iceland -- (SBWIRE) -- 08/12/2022 -- In June this year, the UK Government published its consultation on amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). The incoming changes are designed to update existing regulations and also help to fill in the gaps that have emerged with respect to evolving areas, such as crypto assets. The review suggested that the existing regime has been working effectively on the whole but that further incremental AML solutions could help to improve the impact that this has when it comes to combating money laundering. Ongoing improvements are being focused on areas where there are individual weaknesses, and the AML solutions that can be used to bring these up to scratch.

Crypto assets have been an area of vulnerability for many governments worldwide, simply because early anti-money laundering regimes did not have to take these into account. Steps being taken in the UK to target current loopholes in anti-money laundering provisions and tighten them up to reflect the current reality reflect those the actions of governments all over the world. Examples of the changes that are being introduced in the UK include implementing the travel rule for the transfer of crypto assets. The government is also planning to close a gap in regulation that currently allows firms wishing to enter the UK crypto assets market to acquire beneficial ownership in an existing firm, introducing a requirement to notify the FCA. There will also be expanded requirements to strengthen the regime, including provisions on proliferation financing.

AML solutions are something that Lucinity specializes in. The team has been supporting organizations of all sizes in the battle against money laundering since it was first established in 2018. It's vital to ensure that regulatory provisions reflect the current challenges - as is happening via the regime review that has taken place in the UK. However, there is also a lot that individual firms can do to help minimize the potential for money laundering to occur by investing in AML solutions. The platform created by Lucinity is designed to help fight financial crime but also to enable continuous improvement in organizational productivity. In what is an increasingly complex area, the Lucinity system has been designed to provide a simple way to tackle money laundering and help to empower businesses of all sizes to reduce exposure.

Lucinity's values underpin everything that the business has done to bring a powerful, but simple AML solution to the market. These values include not only a commitment to shared intelligence and using technology to augment human intelligence but also designing a system that enhances client skills as well as allowing them to take on financial crime, saving institutions time and money in the process.

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 Solutions 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.