Arion Bank has announced it will implement Lucinity's technology to help strengthen its defenses against money laundering and contribute to a safer financial system. Lucinity's software solution uses the latest artificial intelligence technology to detect money laundering and make it easier for financial companies to spot and resolve such issues more efficiently.
Arion Bank launched in 2008 and currently serves over a quarter of the Icelandic population. Arion Bank prides itself on providing excellent customer service by leveraging modern digital solutions to support critical processes. The natural next step was upgrading its technology to improve its AML compliance.
Guðmundur Kristjánsson, Founder of Lucinity, says, "We are very pleased to add Arion to our list of satisfied Lucinity customers. The Icelandic market has an important place in our hearts, and we consider it our duty to serve it well. Together with Icelandic financial companies, we want to prevent money laundering and make Iceland one of the safest financial systems in the world. The partnership with Arion is a great step in this direction, and the bank's ambition to be at the forefront of innovation is contagious."
Benedikt Gíslason, Bank Manager of Arion Bank, says, "Our goal is to be at the forefront of the fight against financial crime. We are excited to embark on this journey with Lucinity, a leading company in this field."
Andrés Fjeldsted, the Chief Compliance Officer at Arion Bank, added, "Lucinity uses a new approach and modern design in the fight against money laundering that is gaining traction in the international financial markets. This ambition fits well with Arion Bank's forward-looking focus on digital solutions, and the bank wants to do everything possible to eradicate financial crime."