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FATF Issues Anti Money Laundering Advice for EU States

This press release was orginally distributed by SBWire

Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- Last month, the Financial Action Task Force (FATF), which is the global financial terrorist and money laundering watchdog, issued some new advice for EU states in terms of Anti-Money Laundering Compliance. FATF also acknowledged how much of an impact several events had made in terms of financial terrorism and money laundering, including the war in Ukraine and the pandemic. A rise in the level of money laundering in the wake of the pandemic and the conflict has meant that there are now many more risks for EU businesses to contend with. Other risk factors include the increase in the size of the gambling sector during the pandemic and the explosion in online gambling in recent years.

One particular innovation for businesses to focus on when it comes to Anti Money Laundering Compliance, according to FATF, is crypto assets. In conjunction with the increase in the size of the online gambling sector, this represents an area where a recalculation of risk has been necessary. Cash also remains a problem and the most recent advice from FATF highlighted the problems of banknotes during the pandemic, primarily that the demand for banknotes rose even though the number of cash transactions fell significantly. In terms of threats to Anti Money Laundering Compliance for the online gambling sector, these primarily result from member states being targeted by unauthorised gambling operators, as well as anonymous the rise in money processing platforms and virtual currencies.

Anti-Money Laundering Compliance continues to be a problem for authorities and organisations across the Nordics - and on a global level. The latest advice from FATF indicates just how much worse things have become in the past couple of years and how many more opportunities now exist for financial criminals. However, there is always something that a business can do to help protect against exposure to money laundering and financial crime. This is a goal that the team at Lucinity has been working towards with its Anti-Money Laundering Compliance software, which has been designed in line with the business' mission to Make Money Good. This software is created to be intentionally easy to use, making it accessible to every type of enterprise, large or small, and it is genuinely useful when it comes to Anti Money Laundering Compliance. One of the reasons Lucinity software is so effective is because it combines the best elements of both human and artificial intelligence, including contextualising and interpreting on the human side and the crunching numbers that machines do so well.

Since it was established in 2018, Lucinity has been a pioneer in Anti-Money Laundering Compliance, providing genuinely useful options for implementing more robust procedures that comply with FATF advice. The team is guided by a number of core values that focus on improving intelligence and sharing information, as well as maintaining respect and empathy and acting with integrity and humility. Today, the team has a network of global offices that includes London, New York, Reykjavik and Brussels.

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 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 Anti Money Laundering Compliance visit

Lucinity are regular attendees at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events visit

For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.

For all other enquiries please contact Lucinity at

Notes to Editors:

- For more information about Lucinity services, please go to

- 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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Steve Pailthorpe
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