You may have picked up that AML is a big headache for banks and fin-techs. Particularly in the area of transaction monitoring, banks spend an incredible amount of resources to check alerts on vast volumes of transactions. Most are false positives but require a lot of human intervention.
So at Keen we decided to do a deep dive into the space. We had not expected to find an ‘AI meets AML’ transaction monitoring software company headquartered in Reykjavik with a founder called Guðmundur Kristjánsson (GK) as best positioned. But we strongly believe they are.
Lucinity, can cut AML costs 50% by reducing the number of false-positive alerts via their proprietary behavior detection and transaction monitoring system. In addition, through their ‘AI-powered — human-centered’ approach, they dramatically improve analysts’ efficiency with their case management solution.
It’s the most complete and enterprise-ready software suite we have seen. Where Lucinity is way ahead of the other next-gen AML companies, is that their product is used in production by tier 1 banks, handling massive volumes of transactions.
The only problem is that we still have trouble spelling GK’s name.