The journey ahead – our mission at Lucinity
Our mission is to revolutionize firms’ capabilities in their fight against money laundering.
Our mission is to revolutionize firms’ capabilities in their fight against money laundering by empowering them with world-class technology and operational solutions to gain insights on consumer AML surveillance.
We define “Lucinity” as the emergence of clarity.
Today’s monitoring solutions focus purely on the “what” of an activity to identify money laundering. This approach lends itself to a rigid system of “rules” and “thresholds” or “limits”. Rule-based systems implicitly draw a very thin but solid line between above and below the threshold. These do not account for just below the line of these thresholds which may be very similar to a pattern that is just above the line in terms of risk.
The concept of thresholds is also compounded by the fact that we need to use different thresholds for different types of customers a financial institution may have. All individuals for example do not transact equally. A more successful entrepreneur will transact much higher value transactions as compared to a lower income individual. This necessitates different thresholds for different customer groups. Multiply the number of behaviors with the need for different thresholds for different customer groups for each, we quickly end up with a high number of thresholds that need to be maintained and tuned on a periodic basis!
At Lucinity, we critically focus on the “why” which enables us to identify intent thereby mapping behavior more accurately. Financial criminal behavior is sophisticated and evolving and financial institutions are more often than not, unable to adapt quickly due to the rigid nature and slow time to market of the tools used to monitor for AML. Lucinity aims to cover the same risks, but in an adaptable fashion that is quick to evolve to cover emerging behavioral patterns. This approach being behavior based, also negates the case for customer groups or segments and the need for hard thresholds which significantly reduces the cost of maintaining these.
Our state-of-the-art technology is developed by a team with invaluable experience and diverse knowledge, driven by the motivation to identify money laundering behavior when it happens. Through the application of Augmented Intelligence, combined with expert knowledge in compliance, regulation, finance, machine-learning and neuroscience fields, our team is equipped to take on this challenge and support the global efforts of eradicating money laundering.
From darkness into light
Money laundering is one of the world’s most notorious crimes with an estimated 4% of the world’s GDP being laundered each year. Magnifying this problem is the fact that less than 1% of all money laundering cases are actually detected (UN Office on Drugs and Crimes, 2017) and brought to justice.
Adding to this, current monitoring solutions generate an enormous number of false positives which impacts the efficiency of managing money laundering risk. At Lucinity, we see two very clear challenges that financial institutions face which we can help manage:
ClearLens has an intelligent detection system, which employs a wide variety of cutting-edge technologies detecting patterns and illicit activities in our financial worlds. The unique deployment of Artificial Intelligence increases the detection of money laundering activity thereby increasing the effectiveness of AML monitoring. This approach is also very adaptive to evolving monitoring requirements thereby enabling financial institutions to implement coverage to these risks.
Our proprietary Augmented Intelligence Case Reviewer and Assistant allow analysts to quickly understand, review and disposition a case. ClearLens supports staff by visualizing relevant data points and asking in-context questions to determine whether a case should be further investigated. Writing tedious disposition reports are made easier with ClearLens narrative generation feature increasing the throughput of analysts.
For Lucinity, ClearLens is aimed at extracting intelligence from the symbiotic connection between humans and machines, allowing us to gain the upper hand over money launderers.
We are looking forward to keeping you up to date on our journey through our milestones – technology breakthroughs, enhanced analytics, and detection as we build ClearLens into the key partner for financial institutions in detecting and eliminating money laundering!