Automation Shaping AML Solutions for Banks

This press release was orginally distributed by SBWire

Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- Banks and financial services businesses have faced an uphill battle in recent years when it comes to implementing effective AML Solutions. Many have approached this by relying on human labor and, as a result, this remains one of the biggest costs associated with compliance. However, of all the trends currently shaping AML Solutions for banks, automation stands out as having the potential to change this, as well as improve the protection that organizations have when it comes to exposure to financial crime.

While automation might be one of the top trends shaping AML Solutions for banks it hasn't yet expanded to its full potential - and this is often due to legacy systems and the way that data is handled. Greater automation has the ability to substantially reduce the heavy costs that are associated with AML compliance but for many organizations this is a challenge due to data integrity. AI and machine learning systems rely on this data integrity and many firms will need to go through the process of clearing, regularizing and reformatting data so that it can be used to fuel effective automation going forward. However, many financial firms are already beginning to see the benefits of investing in tech-driven AML Solutions and ensuring the data is there to feed them. As a result, the costs of financial crime compliance rose at a slower rate than in previous years in 2022, showing just how much potential trends like automation really have.

A more effective use of technology to implement better AML Solutions is one of the driving factors behind the Lucinity platform, which was created to simplify compliance. The team has always been focused on its mission to Make Money Good, which means making AML Solutions accessible to businesses on a global level. The software designed by the team at Lucinity integrates the best of artificial intelligence alongside all the best attributes of human intelligence to create a comprehensive approach to tech-driven protection against financial crime. This includes using tools like automation to help improve the way that businesses monitor and respond to potential threats. The Lucinity platform features comprehensive transaction monitoring, as well as extensive actor intelligence and SAR management. It also has a range of features designed to improve productivity and reduce alert fatigue in compliance risk processes.

Technology is a key ally for organizations in the fight against financial crime, which is why it is such a powerful component in AML Solutions. The team at Lucinity has been developing its compliance software since the firm was first established in 2018, advancing and evolving it to integrate the most effective AML Solutions trends. Today it is used globally by businesses of all sizes and types. Lucinity now has offices in a number of international locations, including Brussels, New York and London and the team continues to expand. This expansion is fueled by the desire to help systems work with businesses, not against them, and to use more effective AML to have a positive impact on society as a whole.

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 AML Solutions 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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