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US Treasury Announces AML Compliance Settlements for Bittrex

This press release was orginally distributed by SBWire

Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- AML Compliance is a non-negotiable for the US Treasury today - and the rising number of enforcement actions being taken is a key indicator of this. It's not just traditional financial institutions that are held to high standards but all those operating in new markets like cryptocurrency too. This is illustrated by the most recent compliance settlements announced by the US Treasury, which relate to Bittrex, a virtual currency exchange. In October this year the Treasury announced that compliance settlements had been reached after enforcement actions by OFAC and FinCEN with the amount of the settlements coming in at $24 million and £29 million respectively.

Action against Bittrex was taken on the basis of violation of sanctions and anti-money laundering obligations and the settlements represent the largest OFAC virtual currency enforcement settlement to date. Investigation by OFAC and FinCEN found that Bittrex had made multiple failures in AML Compliance terms, including willful violations of the requirements of the Bank Secrecy Act with respect to anti-money laundering and suspicious activity report reporting requirements. It's clear that businesses operating in the virtual currency space are expected to meet the same standards as every other organization - in fact, this is fast becoming even more of a priority. The actions taken by OFAC and FinCEN are designed to emphasize to the virtual currency industry just how vital it is to have effective AML Compliance in place and the fact that penalties will be severe where this is lacking.

It's vital for every enterprise to have the right tools for effective AML Compliance today - as these sanctions show, there is nowhere to hide when it comes to errors and willful mistakes. However, it's not always that simple for businesses to implement effective AML Compliance, especially those that are new to the regulatory environment. Lucinity software has been created with the specific intention of simplifying AML Compliance and making it more accessible to every organization. It is a comprehensive approach to reducing exposure to financial crime and putting key tools at the disposal of the business to ensure that it is properly protected. Lucinity software includes comprehensive actor intelligence, for example, as well as effective transaction monitoring and SAR management. It has been designed to integrate the best attributes of human intelligence and the most effective components of artificial intelligence to create a system that really works.

Lucinity software is not just a piece of advanced AI that provides a firm foundation for AML Compliance. It is also a key tool in the battle to Make Money Good, something Lucinity is strongly committed to. This mission is supported by the core values of the company, which include the pursuit of excellence with integrity and humility as well as using shared intelligence to continually improve and accelerate progress. This fertile ground has provided Lucinity with considerable momentum and the firm now operates in multiple locations worldwide, including Brussels, Reykjavik, New York and London.

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 AML 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

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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