Iceland-based Arion Bank has partnered with anti-money laundering (AML) SaaS provider Lucinity to implement its technology and strengthen its AML defence. As the bank is looking to contribute to a safer financial system, Lucinity's software solution that uses the latest artificial intelligence technology towards money laundering detection is believed to help financial companies with spotting and resolving issues related to it in a more efficient manner.

Arion Bank was launched in 2008 and is currently serving more than a quarter of the Icelandic population, aiming to provide an improved customer service experience by leveraging modern digital solutions for the support of critical processes. As such, the next step in the company’s mission was that of having its technology upgraded to improve its compliance related to AML, something that was enabled through the partnership with Lucinity. Speaking on the collaboration, Lucinity officials have stated in the press release that their mission is that of preventing money laundering and making Iceland one of the safest financial systems in the world by working together with Icelandic financial companies, continuing by saying that the partnership with Arion marks a step further in this direction.

Arion Bank representatives added that they are looking to be at the forefront of the fight against financial crime and stated that Lucinity’s approach and design when it comes to fighting against money laundering is gaining traction in the international financial markets, and matches Arion Bank's forward-looking approach towards digital solutions, with the bank aiming to take all the necessary steps in eradicating financial crime. Lucinity, Arion Bank company information Lucinity is a SaaS anti-money laundering (AML) software platform and compliance hub aiming to ‘Make Money Good’ through means related to productivity improvement and efficiency issues in compliance. The company is looking to minimise alert fatigue and scaling issues for financial institutions by using augmented intelligence and a human-centred user interface that is combining purpose-built AI together with human insights and expertise.

With headquarters in Iceland, the company operates at a global scale and serves customers worldwide, be them Tier-1 US banks, fintechs, or payments companies. Arion Bank is an Iceland-based bank that offers universal financial services to companies, institutional investors, and individuals alike. Part of the services offered by the enterprise include corporate and retail banking, investment banking, capital markets services, treasury services, asset management, as well as comprehensive wealth management for private banking clients.

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