A New Frontier: Anti-Money Laundering Software in the Metaverse

November 15, 2022 at 12:00 PM EST

This press release was orginally distributed by SBWire

Reykjavik, Iceland -- (SBWIRE) -- 11/15/2022 -- Given that money laundering is human-generated - and the Metaverse is a human creation, full of (virtual) humans - it's perhaps no surprise that this is the next big challenge for AML compliance globally. One recent study found that 17 million Ethereum transactions between Q4 2017 and Q1 2022 were associated with both criminal and licit operations. Last year, cyber money laundering activities increased by a third and there are now billions in cryptocurrencies being laundered every year. Part of the reason for the acceleration in crypto money laundering is that many of the systems being used to combat the issue are hopelessly out of date. That's why Anti-Money Laundering Software has such a big role to play in tackling financial crime in the Metaverse.

The Metaverse presents a whole new range of compliance risks. For example, it's a place where financial scams are made possible, whether that's a data breach or data hack or identity theft - scammers can steal personal information and access digital wallets. Plus, the decentralized blockchain-based framework makes it possible to transfer large sums of money. A big challenge today exists in the fact that there is currently no clear understanding of how financial crime legislation applies to the Metaverse. Plus, there are few - if any - Know Your Customer checks, which is paradise for money laundering and also leaves customers much less secure than in the real world. NFTs also present a real opportunity for cyber criminals - they can be instantly transferred and their values are unpredictable, which makes them an ideal vehicle for money laundering.

Given all these challenges, it's clear that robust response measures are required - and Anti-Money Laundering Software has a key role to play in that. Lucinity has designed Anti-Money Laundering Software that cuts through the confusion and provides organizations with a simple array of tools that make it easier to reduce exposure to financial crime. This includes comprehensive transaction monitoring for better detection and faster review, as well as actor intelligence so that organizations can gain a holistic view of customers. The Lucinity platform also includes a SAR manager to help streamline the reporting process. The technology behind Lucinity Anti-Money Laundering Software is driven by a combination of artificial intelligence and human intelligence. This augmented intelligence approach brings together the best and most effective elements of human ability (such as contextualizing and interpreting) and the most useful parts of artificial intelligence (including analyzing big data patterns and memorizing a large amount of data). The end result is Anti-Money Laundering Software that is genuinely easy to use, effective and thoroughly up to date.

Lucinity is increasingly helping more organizations access Anti-Money Laundering Software that really makes a difference to the level of protection in place. The team has built on its foundations since the company was first established in 2018 and grown into a global presence in Anti-Money Laundering Software with offices in London, Brussels, New York and Reykjavik.

About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to Make Money Good. Lucinity aims to solve productivity and efficiency issues for financial institutions through the company's 'Human AI' approach, a toolset that combines next-generation AI with human insights and expertise.

By leveraging AI, the AML software learns from every interaction and continues to improve indefinitely, providing fewer false positives and saving time. This is on top of its best-in-class interface and visualizations that put users first. Professionals can experience Lucinity's AML compliance solution, including transaction monitoring, through a free demo environment available on https://www.lucinity.com/signup.

Lucinity operates globally, with headquarters in Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote
Founder and CEO, Gudjmundur Kristjansson, comments, "Lucinity's unique experience in banking, compliance, regulation, and data science has helped us develop a new approach to tackling money laundering—harnessing the best of human intelligence and augmenting it with advanced AI.

Our simple-to-use systems work with analysts, not against them, complementing their skills and making them superheroes so they can take on financial crime, saving institutions time and money in the process.

We believe that by transforming AML, we can have a tremendous positive impact on society. Money laundering is a crime that fuels crime. That is why we set out on the mission of Making Money Good."

To find out more information about Anti-Money Laundering Software visit https://www.lucinity.com

Lucinity are regular attendees at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events visit https://www.lucinity.com/events

For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.

For all other enquiries please contact Lucinity at https://www.lucinity.com/contact

For more information about Lucinity services, please go to https://www.lucinity.com.

Lucinity is an AML software company, founded in 2018, with offices in Reykjavik, New York, London and Brussels. Using advanced AI systems, we help banks discover money laundering and really know their customers, more efficiently – to stop the funding of serious crime across the world.

For more information on this press release visit: http://www.sbwire.com/press-releases/a-new-frontier-anti-money-laundering-software-in-the-metaverse-1366441.htm

Media Relations Contact

Steve Pailthorpe
Email: Click to Email Steve Pailthorpe
Web: https://www.lucinity.com/

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