Lucinity has launched a generative AI-powered tool for financial crime compliance teams
Iceland-based Lucinity firm, founded by a former Citigroup compliance tech expert, has presented Luci – an AI “copilot” solution designed to boost the productivity of financial crime compliance teams – on the stage of Money 20/20 in Amsterdam.
Lucinity is an AI SaaS company that specializes in financial crime compliance. Its new product helps render complex data into comprehensible and actionable insights in real time. The automation helps compliance teams streamline their work, reduce time spent on decision-making from hours to minutes, and increase overall efficiency.
Among the tool’s functions, there is providing analytics, summarizing the information, automating time-consuming tasks, and generating text for detailed regulatory reports.
The tool has spent five years in the working, with the first lab customers being Visa-owned Currencycloud and Arion Banki. The technology was developed on top of Microsoft’s Azure OpenAI to guarantee the highest standards of security and responsible AI development and meet all regulatory and enterprise standards.
Gudmundur Kristjansson, CEO, Lucinity, says: “Luci isn’t just an AI tool – it’s a game-changer. It represents a significant leap forward in financial crime compliance, fundamentally reshaping the way professionals in this field operate.”
This launch follows Lucinity’s recent collaboration with the Bank for International Settlements (BIS) Innovation Hub Nordic Centre on Project Aurora. This initiative is focused on leveraging AI technology and the power of intelligent data analytics to reveal hidden patterns in cross-border transactions while maintaining individual privacy.
Earlier, we reported that BIS Successfully Tests Quantum-Safe Financial Communications.