Challenges in Transaction Monitoring for UK and European Banks

This press release was orginally distributed by SBWire

Reykjavik, Iceland -- (SBWIRE) -- 11/02/2022 -- Although anti-money laundering measures have been significantly improved for UK and European Banks there are still many issues, according to the regulator. One of the biggest of these is the failure to collect Know Your Customer (KYC) data, such as income and information about occupation. This lack of up-front due diligence is creating shaky foundations in the ongoing battle against money laundering and challenges in transaction monitoring. Also problematic is the fact that many UK and European banks still opt to manage these processes manually, instead of investing in the tech that could make KYC and transaction monitoring more efficient and compliant.

The UK Financial Conduct Authority noted earlier this year that issues with collection of KYC data have a serious impact on ongoing transaction monitoring and can undermine efforts in this area. The FCA also revealed that business-wide risk assessment was generally not particularly impressive and there was a lack of consistency in terms of the approach that banks have taken to compliance with anti-money laundering measures. A number of UK banks in particular have faced enforcement action in recent years, among them NatWest and HSBC. This is despite the fact that many of the big names in banking report that they have already spent millions trying to improve internal systems and transaction monitoring. For example, NatWest has said that it is investing more than £1 billion in efforts to minimise the institution's exposure to financial crime over the next five years.

Technology choices can make all the difference for institutions like NatWest that are trying to improve existing measures relating to financial crime. Ease of use is vital to ensuring that investments that are made in upgrading systems from manual to automated don't compromise on standards and quality. This is why the platform designed by Lucinity has been created to be intentionally easy to use - the aim is to offer a genuinely useful tool that organisations large and small can benefit from. Transaction monitoring is a key feature of Lucinity's software with a system designed for better detection, faster review and super-efficient SAR management. Lucinity software also includes actor intelligence that allows enterprises to gain a holistic view of customers that is based on comprehensive data analysis - there are no gaps in insight and understanding here. In achieving its goal of effective and easy-to-use software, Lucinity relies not just on the best and most innovative artificial intelligence but the most useful aspects of human intelligence too.

Ever since it was established in 2018, Lucinity has been growing to reach businesses all over the world. Today, the platform has a global customer base and Lucinity has offices in locations that include London, Reykjavik, New York and Brussels. Key to the firm's expansion has been the way the internal culture of the business remains committed to innovation and growth on the basis of its core values. These include continuous learning and shared intelligence, as well as the pursuit of excellence and human empathy and respect.

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 https://www.lucinity.com/signup.

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 about Transaction 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.

About Lucinity
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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