FATF Reports Germany Must Do More in AML Monitoring


Reykjavik, Iceland -- (SBWIRE) -- 09/30/2022 -- Like many other countries, Germany has taken a large number of constructive steps to improve AML monitoring and general anti-money laundering solutions. However, the intergovernmental body the Financial Action Task Force (FATF), which defines international standards when it comes to financial crime, has said that the country should do more. Germany is the fourth largest economy in the world and the biggest in Europe, which naturally makes it a target for financial criminals. A recent report from FATF has highlighted how, even with the most recent measures implemented in Germany, this isn't enough for a country that has such a sizable economy and such broad influence. For example, Germany still doesn't have limits on cash transactions so large amounts of cash can still be smuggled over the border in cargo or mail.

FATF's evaluation of the country's current measures is that more needs to be done, especially with respect to AML monitoring. The country responded almost immediately to the challenging report from FATF, with a series of measures to help enforce existing sanctions with more robustness and make it more difficult to perpetrate financial crime across Germany's 16 states. Currently, the approach is fragmented and inconsistent and there is an admission that Germany has a reputation as a "money laundering paradise." In response to the FATF report many more measures are likely to be taken to change this in future.

When it comes to more robust AML monitoring, technology is one of the most effective tools available to government, as well as individual organisations. This has been the raison d'etre for Lucinity's AML monitoring software since the company was first established in 2018. Creating a platform that is a genuinely useful tool in the fight against money laundering, as well as one that is easy to use and which offers productivity improvements in other areas, shows just what can be achieved with sophisticated technology today. Lucinity software isn't just about technology though, as it brings together the best of artificial intelligence with the attributes of human intelligence that make it equally powerful. The idea is to use this combination to create a solution to tackle money laundering globally and empower companies of all sizes to reduce exposure. That has meant developing a number of key features for the Lucinity software, including AML monitoring, actor intelligence and the Lucinity SAR manager.

Today, you'll find Lucinity offices in Brussels and Reykjavik, London and New York as the company expands globally, supporting many more organisations. Core values have helped to keep the business authentic and steady as it grows, including continuous learning and shared intelligence, as well as the pursuit of excellence. The innovative culture at Lucinity is aligned with the focus on creating a product that actually works and which makes AML monitoring simple, powerful and effective. It is part of the commitment the team has made to Make Money Good with all the tech innovation that it has at its disposal.

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."

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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.