Reykjavik, Iceland -- (SBWIRE) -- 02/10/2023 -- The beneficial ownership database that is planned in the US to further improve AML Compliance is causing more than a few ripples. The full set of rules that will govern the database have yet to be released but its purpose would be to create a resource that identifies the true or "beneficial" owners of legal entities such as companies or trusts. One of the biggest obstacles to improving AML Compliance response is the fact that it's been historically possible for those funneling illicit funds to remain hidden. Abuse of shell companies is well known as the reason why money laundering has been so easy in the past. So the database is, in principle, a good idea. However, a number of compliance professionals have voiced concerns about it, mainly that it could create an even heavier compliance burden that will be more difficult to fulfill.
Those companies that are going to be required to report data to the new database will include limited liability companies, corporate trusts, as well as most limited partnerships. However, there are still a lot of unanswered questions about the new database and how it's going to function - especially what kind of compliance burden it will create. For example, who will be responsible for verifying the beneficial ownership information that is submitted? And what is the responsibility of those who get incorrect information from the database? There are still many questions around the new database and fears of an unbearable regulatory burden persist.
Changes like the addition of this new database always take adjustment and this can be difficult for organizations already struggling under an AML Compliance burden. Lucinity has been designed to provide a very simple way to implement better AML Compliance, no matter what the size or industry of an enterprise. The platform is very user-friendly and integrates all the vital components that are necessary for effective AML Compliance. For example, it features in-depth actor intelligence that allows a business to get a holistic view of customers and fully understand their risks. It also has transaction monitoring with better detection and faster review as well as a comprehensive SAR manager. The whole system has been designed around the concept of Human AI, which essentially leverages the best of artificial intelligence as well as the most effective elements of human intelligence. The end result is AML Compliance made easy and a product that also contributes to productivity and efficiency across the business.
Lucinity was established in 2018 and the business has developed significantly since then. Today, it is a pioneer in the world of AML Compliance and a business that is demonstrably committed to key core values. Those values include shared intelligence and operating with respect and empathy. Lucinity is a global enterprise in 2023, one with a wide range of offices, including a base in New York, as well as in London, Brussels and Reykjavik. The firm is committed to Make Money Good and providing others with the tools to make that happen.
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."
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To book a Demo of the Lucinity AML Compliance Software visit https://www.lucinity.com/book-a-demo
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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.