AML Compliance Risk - What Does Non-Compliance Mean

This press release was orginally distributed by SBWire

Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- There is a lot of talk about Compliance Risk and how to mitigate this and minimize it. In fact, 'compliance' can become a word that has such broad usage that many forget its most important meaning. That's especially so as the scope and complexity of what non-compliance means is constantly being updated. Take the new rules that came into force in June 2021 in Canada, significantly increasing the risks and complexities associated with non-compliance. The update principally concerned Know Your Client requirements - being able to verify the identity of the persons or organizations that the business is dealing with in certain circumstances - and includes obtaining beneficial ownership information. Non-compliance with these rules is likely to mean administrative penalties as well as a range of other consequences.

Preventing the consequences of non-compliance means having a clear idea of Compliance Risk within an organization and establishing a robust programme to help ensure the right steps are always being taken. For many companies the simplest route to mitigating Compliance Risk is to invest in a comprehensive tech framework that will deliver anti-money laundering protection for the entire enterprise. Some of the key elements of successfully managing Compliance Risk include KYC, reporting and record keeping as well as transparency over compliance policies, procedures and risk assessment reports. It's this kind of process that is likely to help firms in North America avoid the substantial penalties for non-compliance, which can be up to $500,000 for a single violation.

The risks that come with non-compliance today make it crucial for every organization to have a clear process in place for minimizing vulnerability to financial crime. The Lucinity platform is designed to make this easy and has provided a way to mitigate compliance risk for organizations, large and small, on a global level. Using a combination of human and artificial intelligence, the software delivers on all key elements of compliance software, including effective transaction monitoring, robust actor intelligence (Know Your Customer) and Suspicious Activity Report filing and management. Non-compliance can feel like a real threat to organizations where there is no existing structure in place to protect against money laundering, which is why the Lucinity platform is so easy to access and implement. It even includes options to improve productivity and operations, including reducing alert fatigue in compliance risk processes.

Helping firms to manage Compliance Risk has been the priority for Lucinity ever since the business was first established in 2018. This is an enterprise built on firm core values with a mission to help Make Money Good. As the team has expanded globally - with offices today in London, New York, Brussels and Reykjavik - it has never deviated from the initial goal to make managing Compliance Risk accessible for any organization. Advanced AI systems, combined with a commitment to values, such as human empathy and understanding, have created a unique approach to AML compliance and a firm foundation from which the business has been able to thrive.

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 Compliance Risk 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

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.

- 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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