Icelandic bank Arion Bank will implement the software of RegTech platform Lucinity to bolster its defences against money laundering.
Lucinity leverages AI technology to detect money laundering and make it easier for companies to spot and resolve issues. The Icelandic RegTech company offers AML software that learns from each interaction and continues to improve, providing fewer false positives and saving time.
Arion Bank launched in 2008 and serves over a quarter of the Icelandic population.
The bank picked Lucinity due to its use of a new approach to fighting money laundering, which it sees gaining traction in international markets. This deal is part of its mission to improve its offerings and help eradicate financial crime.
Lucinity founder Guðmundur Kristjánsson said, ” 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.”
Earlier in the year, Lucinity raised $17m in its Series B funding round, which was led by Keen Venture Partners, to help fight money laundering.
Kristjansson recently spoke to FinTech Global about how the company is on a mission to “Make money great.”
He said, “Our goal is to become the fabric for financial institutions. What we mean by fabric is the way how the more clients sign up for our make money good programme, the better the system becomes and the better the collaboration becomes –we can’t do this alone. Our long-term goal is to create this fabric that will finally create collaboration, productivity, and shared intelligence in the industry.” Read the full article here.
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