Reykjavik, Iceland — (SBWIRE) — 11/23/2022 — AI-driven AML Transaction Monitoring is increasingly in demand as regulators all over the world crack down on banks and financial institutions where financial crime is concerned. Recent years have seen record fines being imposed globally for failures in anti-money laundering compliance and this is triggering unprecedented demand for protection, such as software that offers AML Transaction Monitoring. Financial institutions today are significantly increasing investments made in measures to reduce exposure to financial crimes like money laundering – most recent figures indicate American banks are spending up to $24 billion. They are closely followed by counterparts in Europe where $20 billion a year is being invested in compliance solutions such as AML Transaction Monitoring.
AI-enabled AI AML Transaction Monitoring has the potential to significantly strengthen the global financial system against the impact of financial crimes like money laundering. The technology is what provides institutions with the ability to react quickly and evolve as threats do. That’s why even small financial institutions are assigning between 0.5% and 1.4% of operating expenses to AI-driven AML solutions. There are many ways in which this technology makes a difference to efforts being made to minimize the impact of money laundering. For example, AI-driven AI AML Transaction Monitoring can detect patterns and provide real-time monitoring of transactions. It can be used to generate risk scores and to trigger manual investigation by compliance experts so that the right action is taken at the right time. Given the challenges many institutions face today it’s no surprise that AI AML Transaction Monitoring demand is on the rise.
This spike in demand is something that Lucinity has been working to meet with businesses large and small on a global level. The Lucinity platform is designed to be accessible for every enterprise and is specifically intended to be easy to use. It is software that does all the hard work, integrating AI-driven AML Transaction Monitoring, streamlined reporting with the Lucinity SAR Manager, as well as extensive actor intelligence to deliver a holistic view of customers that is based on comprehensive data analysis. AI is vital to the way that the software functions – it has been created to integrate all the best aspects of artificial intelligence, including memorizing large volumes of data and the way AI is able to assess probabilities. This is augmented by everything that human intelligence has to offer, such as planning and execution and creatively combining numbers.
Lucinity is a brand that is driven by very clearly defined and distinctive core values that ensure that the success it has seen in the four years since it was established haven’t caused the business to veer off track in terms of focus. The mission is to Make Money Good and the core values that guide this include shared intelligence, the pursuit of excellence and using a quiet strength to empower clients in the fight against financial crime. Today, Lucinity is based in Reykjavik and has offices in locations including London, Brussels and New York.
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 https://www.lucinity.com/signup .
Lucinity operates globally, with headquarters in Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.
Founder and CEO, Gudjmundur Kristjansson, 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 Transaction 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
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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 Reykjavik, 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.
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