AML Compliance Software Weaknesses in Finance Industry


Reykjavik, Iceland -- (SBWIRE) -- 09/30/2022 -- New research has established that there are some significant gaps and weaknesses when it comes to AML compliance software - and that this is affecting confidence across the finance industry. The research found that 57% of UK financial services professionals are only 'somewhat confident' in the anti-money laundering processes and protections that they currently have in place. This is despite the fact that almost three quarters of firms say that anti-money laundering is being pushed up the agenda internally. There are, of course, many challenges for AML compliance software and structures today, including the increased regulation, especially around customer onboarding, the ongoing evolution of the crisis in Ukraine and the fact that there is now a much higher risk of fines for those organisations that don't have effective measures in place.

There's no doubt that the forecast recession is going to make it even more vital for firms to have effective AML compliance software and measures in place going forward - systems they can have confidence in. This was a concern identified by around a quarter of those who took part in the cited research, even though many also found themselves under pressure to make budget cuts to help insulate the business against potentially tough financial times. AML compliance software can provide a solution to some of the major concerns of the finance industry today, whether that relates to being able to respond better to incoming regulation or staying on top of the latest tech challenges as they evolve.

Lucinity is enabling finance sector businesses to get ahead of the game in terms of protection and security with AML compliance software that is incredibly effective. The platform designed by Lucinity is built on the basis of human intelligence, combining the most powerful attributes of the human mind with everything that AI has to offer. The result is AML compliance software that not only integrates features, such as analysing big data patterns and crunching numbers, but also interpreting and contextualising information. This comprehensive approach to AML compliance software includes all key aspects, including risk monitoring and in-depth actor intelligence. Given that so many businesses in the finance industry have concerns about the money laundering protection they have in place there is clear scope for many to upgrade protection by investing in AML compliance software like that offered by Lucinity.

However, it's not just the product that makes Lucinity such an attractive prospect for many but the business itself too. Lucinity is committed to the principle of Making Money Good and empowering enterprises through innovative technology so that each one can minimise the impact that money laundering can have on a business on a global level. Since Lucinity was first established in 2018 it has grown into a business with an international network, including offices in Brussels, New York, London and Reykjavik. However, this has not diverted the company from its original mission - to make AML compliance software more widely available and accessible - or from its very clearly defined values that include empathy and understanding as well as leveraging a quiet strength to empower businesses against financial crime. That's why Lucinity is such a powerful partner for any organisation to have today.

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 AML Compliance Software visit

Lucinity are regular attendees at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events 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.