This press release was orginally distributed by SBWire
Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- Recent research has found that the cost of dealing with Compliance Risk is proving high for British banks - coming in at around £30 billion. The bulk of this spend is on people-related expenses, which tend to account for 70%. Under this heading come costs like training and hiring and retaining the staff necessary to help a bank deal more effectively with Compliance Risk. It's not the first time that research has revealed this kind of spend being racked up on people-related costs - in 2020, a study showed that the financial sector's response to financial crime is largely people-focused, with two thirds of expenditure on teams rather than technology. The implication here is that the way the industry is tackling Compliance Risk is more labour intensive than it needs to be and that a more tech-driven approach could help to bring these high costs down.
People will always be vital to the process of Compliance Risk. However, there are advantages to investing more in technology and data. For example, technology can be used to process more customer onboarding checks in a quicker time frame to increase capacity. It can also be highly effective in minimising false positives and reducing the expense involved so that the cost per check is much lower. Technology can help to shift the focus to prevention of financial crime, as opposed to detection, and also frees up the human team to add more value to the process by taking care of many of the more repetitive and mundane tasks.
The Lucinity platform is a prime example of how technology can improve the way financial crime is handled and minimise Compliance Risk. It integrates every element necessary to provide robust protection, prevention and detection, including transaction monitoring, actor intelligence and SAR management. Lucinity has been designed to make the best elements of the most cutting-edge technology available for Compliance Risk management. This is integrated with key assets of human intelligence to create a system that is an optimisation of both. This unique approach ensures that Lucinity is always delivering the best possible approach to handling Compliance Risk. It also provides opportunities for businesses to go beyond simply doing the basics when it comes to anti-money laundering compliance. For example, Lucinity is also designed to help improve productivity and reduce alert fatigue in Compliance Risk monitoring processes.
The way that the Lucinity platform has been designed reflects the focus within the business on the pursuit of excellence with integrity and humility, as well as other core values like augmenting and advancing human intelligence rather than replacing it. Lucinity was established in 2018 and has been pursuing an agenda to Make Money Good ever since. The team has expanded its network to include London, New York, Reykjavik and Brussels today and is taking this new approach to tackling money laundering to every corner of the globe. By transforming AML and improving Compliance Risk, the team believes it can have a tremendously positive impact on society.
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 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
For more information on this press release visit: http://www.sbwire.com/press-releases/uk-banks-spend-30bn-dealing-with-aml-compliance-risk-1368287.htm
Media Relations Contact
Email: Click to Email Steve Pailthorpe