Money laundering was at the top of the agenda at the recent Anti-Corruption Conference that took place in December. The event attracted leaders from all over the world and the UK representative was particularly vocal about the need to continue the fight against corruption on a global level. The UK representative at the event was Karen Pierce, UK ambassador to the US, and she made several key points about the global efforts to fight illicit finance, including highlighting how the invasion of the Ukraine by Russia shows just how much of a threat corruption is to global stability. Pierce also focused on how illicit finance has been specifically used to gain access and influence, not just in the UK but countries all over the world. She said the message from the UK was about the necessity of redoubling efforts to counter these threats.
There are currently a wealth of measures in place to ensure AML Compliance in the UK and to improve the country’s effort to fight illicit finance. The Economic Crime and Corporate Transparency Act, for example, is currently going through the legislative process.
It includes a reform that is designed to minimise the potential for the abuse of limited partnerships.
There are also provisions in the new legislation that – once it is in place – will create more powers with respect to crypto currency, which is a whole new landscape for AML Compliance. The new Act will, among other things, provide new powers to seize crypto assets to make anti-money laundering provisions more effective.
This focus on AML Compliance is vital for countries all over the world, especially those like the UK and the US that are often leading the way in terms of response. Any such response requires AML Compliance to be embedded at every level if it is going to be truly effective and that’s where a platform like Lucinity becomes so vital. Lucinity makes it simple for any enterprise to upgrade AML Compliance to minimise potential exposure to financial crime.It has been designed to be intentionally easy to use and accessible by a broad range of different organisations across all sectors.
The software is smart, combining the best of human intelligence with the best of artificial intelligence, and it includes key features that enable any enterprise to do more where AML Compliance is concerned. Those features include actor intelligence to gain a more holistic view of customers, as well as SAR management and extensive transaction monitoring.
Lucinity was established in 2018 and has become a leading light in the industry, supporting many organisations in improving AML Compliance worldwide. Today, the firm has offices in key locations such as London, New York, Brussels and Reykjavik. As it has grown, Lucinity has expanded on the basis of a number of core principles, including respect and empathy and shared intelligence.
The mission to Make Money Good is reflected in everything that the business does.
About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to turn legacy AML compliance into faster, smarter augmented intelligence tool. 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 including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.
Company Quote
Founder and CEO, Gudjmundur Kristjansson, comments, “Lucinity means “shine a light,” because we illuminate dark finance and shed light on compliance.
Our intuitive systems are simple to use, complementing the skills and ingenuity of compliance professionals.
Lucinity makes them superheroes to take on financial crime, saving institutions time and money. By transforming AML compliance, we can have a tremendous positive impact on society.That is why we set out to Make Money Good and create faster, smarter AML.”
Start to Make Money Good
To book a Demo of the Lucinity AML Compliance Software visit https://www.lucinity.com/book-a-demo
To find out more information Anti money laundering monitoring 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.
Original source: https://crypto247.news/uk-government-calls-for-global-aml-compliance-effort-to-fight-illicit-finance/
