Lucinity featured on PYMNTS.com: FIs Need Collaboration AND Technology to Win AML War

In a recent article, PYMNTS.com spoke to our founder and CEO, Guðmundur Kristjánsson (GK), about why it is critical to redesign the toolkit that financial institutions (FIs) use to fight money laundering.

They write: "In recent years, banks, businesses, governments and law enforcement agencies around the world have injected billions of dollars into combating these financial crimes and preventing the suspicious transactions that enable criminals to clean their “dirty” money."

Although money spent on AML has increased while the percentage of all prevented money laundering has decreased, we see a more optimistic future.

The AI Approach in AML

Lucinity knows that using machine learning (ML) algorithms are only part of the solution. GK explained:

"You don’t need to use AI just to detect money laundering, you can actually use AI to explain patterns to a human in a way that we have struggled to see,” Lucinity has built a suite of AML tech that emphasizes human-readable outputs and the application of AI not just to filtering, but also to presenting data."

With that in mind, GK further discusses the importance of sharing knowledge, rather than data, to create a greater framework between financial institutions in order to prevent financial crime.

Read more on PYMNTS website

Dive into the full article on PYMNTS.com, covering a range of industry experts weighing in on innovation in payments and the platforms powering the connected economy.

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Luis Rolim
Luis Rolim

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