Reykjavik, Iceland -- (SBWIRE) -- 02/10/2023 -- Closing loopholes in anti-money laundering frameworks is a key priority for governments worldwide today. Countries such as the US have made vital progress in recent years towards improving anti-money laundering policies but there is still work to do. This is reflected in the changes that are continually being made, such as an announcement in December last year by the National Security Advisor Jake Sullivan relating to the ENABLERS Act. The Establishing New Authorities for Business Laundering Enabling Risks to Security (ENABLERS) legislation is designed to empower the Treasury to require certain parties, such as those who form companies or manage money for a third party, to ensure that basic money laundering protocols under the Banking Secrecy Act are in place. Sullivan announced support for the ENABLERS bill during the opening ceremony of the 2022 International Anti-Corruption Conference.
Currently, the US is the top destination in the world for criminals and money launderers to hide dirty money, according to the FACT Coalition, so there remains plenty of work for the Biden administration to do. Like every country, the US has many regulatory blindspots when it comes to anti-money laundering policies and protocols and, to a certain extent, is playing catch-up, especially with respect to digital technologies. The White House support demonstrated by the statement made by Jake Sullivan is going to be a key part of ensuring that the anti-money laundering regime in the US is fit for purpose.
If there is one thing that the US' efforts in anti-money laundering demonstrate it's just how challenging an area this is for every country today, even those that are the best resourced. Lucinity has been developed to help support greater measures against money laundering - this is a global crime and a coordinated response across governments and individual businesses is the only way to establish truly effective defenses. Key to this is making it simple to implement anti-money laundering measures, whether in a small business or a large global institution. Working to make this easy, the Lucinity platform is intentionally straightforward to use and contains all the key elements of anti-money laundering protection, including transaction monitoring, actor intelligence and a comprehensive SAR manager. Lucinity leverages the best of human intelligence and the most useful elements of artificial intelligence to create a platform that is sophisticated and effective when it comes to implementing anti-money laundering protection. It is anti-money laundering software that also delivers in other ways too, including improving productivity and helping to reduce alert fatigue in compliance risk processes.
Established in 2018, Lucinity has dedicated the intervening years to its mission to Make Money Good, supporting global enterprises in the fight against money laundering. The team now has offices internationally, including in London, New York, Reykjavik and Brussels. Core values, such as open and honest communication and embedding continuous learning as a cornerstone of the product, have ensured that Lucinity expands in alignment with its overarching goal.
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.