Arion Bank has announced that it will deploy Lucinity’s technology to help strengthen its anti-money laundering defences and contribute to a more secure financial system.

With the help of cutting-edge AI technology, Lucinity’s software solution aids financial institutions in the detection and resolution of money laundering.

More than one-quarter of Icelanders are currently Arion Bank customers after the bank opened in 2008. Arion Bank prides itself on giving exceptional customer service by employing new digital technology to support crucial activities. After realising that they needed to do something to ensure they were in line with AML laws, updating their system was a no-brainer.

As Lucinity’s founder, Gumundur Kristjánsson, put it, “The Icelandic market holds a high place in our hearts, and we feel it our duty to serve them well. Together with the 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 big step in this direction, and the bank’s ambition to be at the forefront of this effort.”

We aim to be at the forefront of the fight against financial crime, and we’re very pleased to embark on this journey with Lucinity, a leading company in this field,” said Benedikt Gslason, Bank Manager at Arion Bank.

Director of Compliance at Arion Bank Andrés Fjeldsted said, “Lucinity employs a new approach and modern design in the fight against money laundering that is gaining traction in the international financial markets. this ambition fits well with the forward-looking approach of Arion Bank in digital solutions, and the bank wants to do everything possible to eradicate financial crime.”

Source: Prnewswire