Digitalization and optimization in AML @ the AML & FinCrime Tech Forum

At Lucinity, we design, build, and deliver technology solutions focused on humans. We aim to free up their valuable time and allow them to focus on anti-money laundering and compliance — to Make Money Good. 

As a big supporter of using modern tools for productivity in compliance, I was happy to host a workshop at the AML & FinCrime Tech Forum on the opportunities of optimization for AML through technology. 

Shifting the legacy view in AML compliance 

The biggest obstacle to enabling productivity and efficiency in AML comes not from the technology used but the reasoning behind the technology. 

This legacy view of compliance, born out of rule-based approaches, has been at the root of AML vendor selection for over two decades. And as financial criminals are becoming ever more sophisticated in their (ab)use of technology, investigators are increasingly hamstrung by the limitations of legacy thinking and consequent toolsets. 

To optimize AML and raise productivity and performance in compliance to the levels required in today’s regulatory landscape, financial institutions need to correct the lens through which they view compliance. 

Deploying an interconnected, risk-based AML methodology 

Opening up the isolated silos of KYC, risk systems, and monitoring tools to each other, AML teams can create a flexible roadmap of customer behavior that reduces the number of false positives and improves coverage for finding illicit activities. 

A truly risk-based approach enables not only better performance for AML teams, but also improves operational aspects for the financial institution so compliance teams can become value-adding contributors instead of runaway cost centers. 

Watch the workshop from the AML & FinCrime Tech Forum 

Below you’ll find the recording of my workshop session. I go through the issues with legacy approaches to AML in detail, and offer a strategic way out of the lock-in as well as tactical, actionable practices you can start using right away. 

I’d also like to take this opportunity to direct your attention to our Play Now platform, configured so you can experience Lucinity’s risk-based approach to AML first-hand. Of course, reach out to us at any time and we’ll walk you through our solution and answer any questions. 

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Daníel Pálmason

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