Arion Bank taps Lucinity to improve AML protection

By Gloria Methri

Iceland-based Arion Bank has partnered with  AML SaaS provider Lucinity to leverage its technology and strengthen its defenses against money laundering.

Lucinity’s software solution uses artificial intelligence technology to detect money laundering and helps financial companies spot and resolve issues more efficiently.

Arion Bank was launched in 2008 and currently serves over a quarter of the Icelandic population. It aims to provide an improved customer service experience by leveraging modern digital solutions to support critical processes. On the same lines, the bank decided to have its technology upgraded to improve its AML compliance.

Benedikt Gíslason, Bank Manager of Arion Bank, said, “Our goal is to be at the forefront of the fight against financial crime. We are excited to embark on this journey with Lucinity, a leading company in this field.”

Speaking on the collaboration, Guðmundur Kristjánsson, Founder of Lucinity, said, “The Icelandic market has an important place in our hearts, and we consider it our duty to serve it well. 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.”

Andrés Fjeldsted, the Chief Compliance Officer at Arion Bank, added, “Lucinity uses 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 Arion Bank’s forward-looking focus on digital solutions, and the bank wants to do everything possible to eradicate financial crime.”

Lucinity is a SaaS AML software platform and compliance hub aiming to minimise alert fatigue and scaling issues for financial institutions by using augmented intelligence and a human-centred user interface.