One of our values is Shared Intelligence - a belief that we can accelerate progress by sharing data and knowledge. Read on below for news, reports, and a multitude of insightful readings curated across AML, Compliance, RegTech, and Augmented Intelligence. If you are a thought leader in this space, don’t hesitate to contact us, as we love collaborating!
In this blog, Lucinity discusses the complex challenges Financial Institutions face when upgrading their compliance systems, contrasting the traditional 'rip and replace' approach with the more gradual 'upgrade and embrace' strategy.
In this blog, Lucinity summarizes key insights from its recent panel discussion at Sibos 2023 in Toronto. It delves into the ethical considerations and strategies for the responsible implementation of generative AI.
Today marks Lucinity's 5th anniversary. As I reflect on our journey, from our modest start in Reykjavik to making an impact worldwide, it's clear that passion, determination, and a spirit of innovation have been our constants.
In this blog, Lucinity summarizes key insights from its recent panel discussion at Sibos 2023 in Toronto. This blog explores the shift from solo analysts to a "copilot" approach, where human expertise is augmented by generative AI.
What a month for Lucinity! Reconigzed as one of three Cool Vendors™ by Gartner®, winner at the Datos Impact Awards, and now part of Microsoft's Azure Marketplace. These milestones underscore our leadership in financial crime prevention, all powered by our AI copilot, Luci.
Lucinity has been featured in a MarketWatch opinion article by Barry McCarthy, which discusses the transformative role of Artificial Intelligence in fighting financial crime and reducing costs for banks.
We're thrilled to announce that Lucinity is now available on Microsoft Azure Marketplace. This is a game-changing step that amplifies our mission to make financial crime prevention smarter and faster through user-friendly AI.
In this blog, Lucinity discusses the vital role of data sharing in combating financial crime. It emphasizes how collaboration among institutions and governments can amplify crime detection and prevention efforts.
Lucinity's Founder and CEO provides a response to Oliver Wyman's blog on chatGPT and the compliance function, highlighting the practical applications and limitations of Generative AI in FinCrime Prevention.
Even Peters, former VP of Growth Strategy at Datadog and Chief Commercial Officer at Dandy joins Lucinity as a Fractional Chief Business Officer. Evan will be responsible for driving growth results at Lucinity.
In this Payments Association Podcast, Lucinity and Starlex discuss the importance of data sharing, the challenges and solutions around data sharing, the importance of partnerships, and what we can do to facilitate better data sharing.
Lucinity and Neterium's partnership integrates real-time transaction and counterparty screening capabilities, enhancing compliance measures for financial institutions through Lucinity's generative AI copilot, Luci.
Luci's transformative potential empowers analysts to work more efficiently by providing context-specific information, reducing data analysis time, and boosting productivity for compliance professionals.
Today, I'm excited to share a deeply personal milestone, one that's been five years in the making: the launch of Luci. It's not just an AI tool—it's a game-changer, moving financial crime prevention from a process that took hours to one that takes minutes.
The Bank of International Settlements (BIS) Innovation Hub Nordic Centre and Lucinity have partnered on an innovative initiative called Project Aurora. Project Aurora aims to tackle the global challenge of money laundering in cross-border transactions.
Italy has banned ChatGPT, an OpenAI startup, due to concerns about violating EU data privacy regulations, sparking a debate on AI regulation. In this blog, we discuss three dimensions of AI: regulated, responsible, and restricted.
Compliance decision-makers should always factor in budgets when implementing new compliance technology, but more importantly, they must consider the long-term impact and ROI of their choice to build vs. buy.
"AI and machine learning tend to be better than humans at convergent thinking. Humans, on the other hand, tend to excel in divergent thinking – the ability to come up with new solutions, underlined by a greater sense of nuance."
Fast-paced geopolitical events, regulatory changes, and low-cost measures can grind compliance to a halt. A year in from the invasion in Ukraine, we look at how long-term compounded monitoring frameworks translate into equally complex controls, and how FI's can use technology to help.
Being the father of three amazing girls, equity is near and dear to my heart. My wife and I have always emphasized raising leaders, and we encourage our girls to try everything at least once before deciding it's not for them.
Iceland is the first country in the world to put a law around equity – The Act on Equal Status and Equal Rights of Women and Men. The act is one of the main reasons Iceland is now leading the fight toward closing the gender pay gap.
In my view, the global technology sector is still influenced by outdated social patterns that disproportionately affect minorities. We should all reflect on how our socialization and underlying beliefs impact our teamwork.
It isn't easy to wrap your head around Embracing Equity in the AML industry when human trafficking-related typologies mainly target women. A multi-faceted approach and collaborative effort must be made by all parties involved.
By sharing my story of embracing my feminine strengths in a mostly masculine industry, I hope to encourage and inspire other women to do the same. It's crucial that we continue to break down barriers and empower all women to bring their unique perspectives and talents to the table.
Dutch banks have recently introduced fees hitting commercial customers, foundations, and churches. These fees cover the extra compliance costs needed to fight financial crimes.
The measure has been assessed as "bizarre and ridiculous" by the customer segments affected.
In February 2023, the Financial Conduct Authority (FCA) published a Synthetic Data Feedback Statement that Lucinity contributed to. Read further for a summary of Lucinity's perspective on the challenges and opportunities of using synthetic data, specifically within financial crime.
The AML industry is being transformed by the marriage of human intelligence and technology through augmented intelligence and generative AI. These technologies are making compliance teams faster and more efficient with a significant ROI.
The European Banking Authority released its guidelines on remote customer onboarding. These apply to both credit and financial institutions. At the same time, they set the standards within the EU for developing sensible CDD processes.
The increasing geopolitical tensions between the United States, Russia, and China will likely drive the Compliance agenda during 2023. Regulation is expected to become considerably tighter over the next few years, so we've outlined what we think will be the biggest trends in 2023.
We are elated to announce that Lucinity is a RegTech100 company! Lucinity was selected as one of the top innovative RegTech companies, transforming the industry and helping financial institutions improve their compliance and risk management functions.
Compliance is essential for a productive and integrated workplace. Charlotte Lowry, MLRO and Compliance Officer from PLEO, and our founder, GK, are huge proponents of how advantageous a culture of compliance is to a business.
AML compliance includes processes, policies, and training. Financial Institutions (FI) have invested heavily in Compliance, but each year they've been careful to ensure that FIs covered other risk functions and reputational risks
In this first post of a three-part blog series, we clear the air about AI, and explain Human AI: what it means, how it’s similar and why it’s different. And how it’ll help you fight financial crime better.
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