Transaction Monitoring and the Future of Fintech AML Compliance

This press release was originally distributed by SBWire

Reykjavik, Iceland — (SBWIRE) — 11/02/2022 — It wasn’t that long ago that Fintech companies were considered relatively new to the financial services market. However, in recent years they have spread in number and become much more widely accepted. Today, banks and FinTechs are largely part of the same industry, and this has meant a significant increase in scrutiny and compliance requirements when it comes to FinTechs. Although it may sound quite simple in principle, it is worth remembering that banks have been subject to regulation and scrutiny for decades, while for fintech AML Compliance is a relatively new thing. For those without depth of institutional knowledge, or where there are no human resources to devote to focus on compliance, it can be incredibly challenging.

What is becoming increasingly apparent is that while regulation is clearly necessary when it comes to Fintechs, this should be achieved without having the consequence of stifling innovation. The fintech sector is known for being innovative and has created some of the biggest changes in financial services in recent years. Regulations that crush this would not be helpful to any of us. A key example is when it comes to customer processes – some smaller Fintechs may struggle to collect all the necessary data about customers, or to process all the documents that customers submit during the onboarding process (which can be up to 500 per customer) and this is often where AML compliance begins to fall apart. So the future of fintech AML compliance will need to take into account the regulatory burden this can create and how to ensure standards are met without slowing Fintechs, or their innovative energy.

One of the easiest ways to ensure AML compliance without stifling innovation and creativity is to use technology to do so. The Lucinity platform is a great example of how cutting-edge technology can be used to better support a very wide range of businesses in AML compliance efforts. Lucinity software is intended to make it easier for any business to minimize exposure to financial crime with a variety of tools specifically designed for efficiency and ease of use. These tools include sophisticated transaction monitoring as well as actor intelligence to gain a more holistic view of customers and a comprehensive SAR manager that enables streamlining of reporting processes. Fintechs – and any organization of any size – can use a platform like Lucinity to empower themselves to do more when it comes to AML compliance.

It is the simplicity of the system that has been so important to Lucinity as the business has grown since it was first established in 2018. Today, you will find Lucinity supporting Fintechs, banks and a wide range of other organizations, on a global level. The team has offices in New York, London, Brussels and Reykjavik and continues to expand year by year. Lucinity software is a critical part of compliant growth for fast-moving Fintechs. The business has experienced its own rapid expansion in recent years, and it has been thanks to deeply rooted core company values, such as shared intelligence and the pursuit of excellence with humility and integrity, that the business has been able to thrive and maintain a consistent culture and focus.

About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to make money. Lucinity aims to solve productivity and efficiency problems for financial institutions through the company’s “Human AI” approach, a toolset that combines next-generation AI with human insight and expertise.

By leveraging AI, the AML software learns from each interaction and continues to improve endlessly, resulting in fewer false positives and saving time. This is on top of its best interface and visualizations that put users first. Professionals can experience Lucinity’s AML compliance solution, including transaction monitoring, through a free demo environment available at

Lucinity operates globally, headquartered in Reykjavik, serving clients 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 easy-to-use systems work with analysts, not against them, complementing their skills and turning them into superheroes to take on financial crime, saving institutions time and money in the process.

We believe that by transforming AML we can have a huge positive impact on society. Money laundering is a crime that fuels crime. That’s why we set out on the mission to make money.”

To find out more information about AML Compliance visit

Lucinity is a regular participant at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events, visit /events

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

For all other inquiries please contact Lucinity at /contact

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 detect money laundering and truly know their customers, more effectively – to stop the financing of serious crime worldwide.

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