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Assess Risks for Anti-Money Laundering by Understanding the Crisis - the Future of Anti-Money Laundering

By: SBWire

Reykjavik, Iceland -- (SBWIRE) -- 08/12/2022 -- In recent years, it has become clear that there will always be those who seek to exploit crisis situations, whether that's a global pandemic or a terrorist incident. When it comes to compliance risk, it is increasingly vital to factor in the way that emergency situations present fraudsters with a prime opportunity to make money, especially as ongoing climate change is likely to fuel many more emergencies going forward. This is not the first time that there has been evidence of criminal activity increasing during a disaster - after Hurricane Katrina in 2005 and Hurricanes Irma and Harvey in 2017, the Financial Crimes Enforcement Network highlighted the fraud risk inherent in these crises in areas such as cybercrime, benefits, and charities. During the pandemic, there has been a wave of exploitative activity, from insurance fraud to counterfeit vaccine cards, which indicates just how much potential every crisis has for the fraudster. As a result, compliance risk going forward must necessarily focus on understanding the crisis at hand.

In practical terms, that means compliance risk assessment needs to include the full range of potential crises, from those that will inevitably arise due to climate change (e.g. droughts, wildfires, and floods) to instability and violent extremism. Ransomware attacks and other forms of cybercrime also remain a big risk and a conduit for criminal activity. Both have been increased by the proliferation of emerging payment systems and the use of crypto assets in recent years.

The Lucinity platform is smart, simple, and effective, an anti-money laundering tool that is designed to help any business minimize compliance risk when it comes to the proceeds of financial crime. Systems work with teams, not against them, integrating both artificial intelligence and human experience to create a platform that delivers effective insight and protection. Money laundering is a crime that fuels crime - and, as a result, one that is increasingly the target of global regulation. Lucinity makes it simpler for organizations to do more to combat money laundering and minimize compliance risk as a result.

Established in 2018, Lucinity has grown into a global presence in the AML solutions market, operating out of Europe and North America. The team's focus has been to develop a platform that provides simple tools to help identify risky customers and reduce exposure for organizations large and small. It includes Transaction Monitoring, Actor Intelligence, and the Suspicious Activity Report (SAR) Manager.

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 https://www.lucinity.com/signup.

Lucinity operates globally, with headquarters in Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

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 Lucinity's compliance risk offering, visit https://www.lucinity.com

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.

About Lucinity
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.

For more information on this press release visit: http://www.sbwire.com/press-releases/assess-risks-for-anti-money-laundering-by-understanding-the-crisis-the-future-of-anti-money-laundering-1362238.htm

Media Relations Contact

Steve Pailthorpe
Email: Click to Email Steve Pailthorpe
Web: https://www.lucinity.com/

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