Reykjavik, Iceland -- (SBWIRE) -- 11/23/2022 -- Many obstacles exist when it comes to applying Anti Money Laundering law to Crypto. However, that doesn't mean it's a challenge that lawmakers are shying away from. In fact, a recent draft of EU Anti Money Laundering law specifically refers to money laundering through Metaverse, DeFi, and NFTs. The aim is to target huge crypto transactions, as well as the vehicles that can be increasingly used for money laundering in virtual environments, such as Metaverse, DeFi, and NFTs. However, this legislation is far from finalised and in fact still seeks to find consensus among all the various political elements in the EU.
The new draft has made explicit the importance of expanding Anti Money Laundering law in this way, stating, "The metaverse offers new opportunities for criminals who can convert cash acquired through illegal activities into non-traceable currencies to purchase and sell virtual real estate, virtual lands and other high-demand goods." The 'compromise amendments' that have been added, and which contain the additional provisions that could mean Anti Money Laundering law expands to include crypto, indicates just how seriously lawmakers in this part of the world take the challenges that are represented by the virtual world - and by crypto currency. The focus is on making the parties involved in crypto transactions more identifiable and transparent, as well as implementing more responsibility when it comes to assessing the risks that might be involved in particular transactions.
Changes like this are going to make it even more vital for every organisation to have robust Anti Money Laundering provisions in place. As standards are tightened it's going to become increasingly challenging to ensure compliance without the support of the right technology infrastructure. The Lucinity platform has been developed to give enterprises a head start when putting more effective compliance measures in place - and getting the right support. It is intentionally easy to use and contains a range of key tools for more effective Anti-Money Laundering measures, including transaction monitoring, actor intelligence and SAR management. Lucinity is also advanced software that puts the most effective tools at the disposal of organisations that really need them. It has been developed to use the best of human intelligence and combine this with features of artificial intelligence that can create a genuine advantage in the fight to minimise exposure to financial crime. Not only that but Lucinity also offers ways to improve productivity internally too.
Established in 2018, Lucinity has gone from strength to strength as an Anti-Money Laundering pioneer, broadening out the reach of the business and honing the software. Today, there are Lucinity bases in Reykjavik, London and Brussels, as well as New York. The team continues to work towards the global mission to Make Money Good, alongside many other key players in finance and compliance. All progress is built on the foundation of core values that have made the business what it is today - these include a respect for continuous learning and a commitment to shared intelligence.
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 about Anti Money Laundering 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
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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.
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