Nordic Banks Spending on Anti-Money Laundering Compliance Impacts Results


Reykjavik, Iceland -- (SBWIRE) -- 09/30/2022 -- Anti-money laundering compliance has been at the top of the agenda for Nordic banks after a series of scandals rocked the region in recent years. Many of the most prominent institutions have faced accusations of being involved in moving tainted money and there has been huge pressure to take action to prevent this from being repeated in the future. Now, many of those financial institutions that have committed to spending on anti-money laundering compliance are revealing how that investment is beginning to bite in terms of profits. Danske Bank, Nordea and Swedbank are just some of those involved.

The range of investment that Nordic banks have made in anti-money laundering compliance measures includes everything, from new staff to systems and software that are designed to help minimise the potential for future exposure. Many organisations are also investing in tools such as automation, which can make analysis and monitoring more efficient. But these have, inevitably, pushed quarterly outgoings higher and that isn't likely to stop any time soon. One of the banks, for example, reported a 12% increase in operating costs over just one quarter, compared to the year before. There still remain many challenges ahead for Nordic banks, especially when it comes to dealing with existing weaknesses in systems such as screening for criminal activity and carrying out due diligence on new customers. So, there may well be more spend yet to come.

Challenges like this are not only restricted to Nordic banks but any organisation that is seeking to improve anti-money laundering compliance measures today. The process of making change can be a costly one and, without the right investments, may not even be that effective. That's why the Lucinity platform has been developed, to better support organisations globally in managing the risks of money laundering and making anti-money laundering compliance much more accessible. The Lucinity platform has been designed to combine the best of human intelligence with artificial intelligence - optimum technology + human design - so as to create access to systems that work with companies and not against them. This makes it an invaluable tool for organisations that are looking to do better when it comes to anti-money laundering compliance. The software is not only more accessible and effective but also simpler and easier to use. It's this user-friendliness that means it's so much more effective than platforms that require a lot of training to work with.

Lucinity software integrates the most vital elements of anti-money laundering compliance, including actor intelligence, transaction monitoring and SAR manager. The business was first established in 2018 and since then has grown into a global concern with offices in New York, Brussels, London and Reykjavik. This growing reach is a vital part of giving enterprises all over the world more options when it comes to minimising the potential for this kind of crime to have an impact - on their own operations and others. It has become a key tool for any business seeking to improve anti-money laundering compliance 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."

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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.