In a recent interview, Cris Crespo from Nordic FIntech Magazine spoke to our founder and CEO, Guðmundur Kristjánsson (GK), about why it is critical to redesign the toolkit used to fight money laundering.
They write, "The majority of us are not affected by financial crime, at least not directly. Unless we've experienced the miss-fortune of having our bank accounts hacked, or our identity stolen and used for fraud, it's unlikely that we would've suffered at the hands of money launderers and criminals who cheat the financial system. Yet financial crime and money laundering are significant and pervasive problems, with estimates placing them at around 2 -5 % of the Global GDP 😱! That's anywhere between 800 billion and 2 trillion USD every year in funds that are used to manufacture and distribute drugs, finance terrorism, and human trafficking, amongst many other ailments that affect our societies today. 🤬"
The Augmented Intelligence Approach in AML
Lucinity knows that using machine learning (ML) algorithms are only part of the solution. GK explained:
"We believe in something called Human AI. This notion of using artificial intelligence to explain relevant data better to humans [and] decide whether something is a financial crime in a split second instead of multiple hours."
Watch the full video below!
Join Lucinity at Nordic Fintech Week! Tune into Lucinity and Pleo speaking on stage, cheers with us and Business Iceland at our Ice Cool Cocktail Party, and visit our booth in the Nordic Startup Zone!