From: RegTech Analyst
In its mission to rebuild trust in the banking industry, Icelandic neobank indó has signed a partnership with Lucinity to bolster its anti-money laundering (AML) defences.
indó hailed Lucinity’s system for using the latest in data science and technology to find evidence of money laundering in transaction data with unprecedented results.
“We see it as a part of our social responsibility to fight money laundering and pursue excellent business practices,” said Haukur Skúlason, CEO and co-founder of indó. “That is why we have decided to use Lucinity’s services. Through this partnership, we have access to a system that guarantees quality and efficiency in handling safeguards against money laundering. ”
The financial world has relied on relatively simple rules to screen for money laundering. In recent years the number of fines in relations to AML violations have never been more frequent and the amounts have never been higher. The bank estimated that about $2tn is laundered through the word’s financial systems every year.
indó was launched in 2018 with the aim to create trust in the banking industry after Iceland was particularly hard hit by the Great Recession of 2008. The company has been looking to go live with this summer.
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