Iceland’s Arion Bank taps Lucinity to boost AML protection

Anti-money laundering (AML) software developer Lucinity has been selected by Icelandic bank Arion as the latter looks to strengthen its defences against fraudulent activity.

Lucinity provides user-centric compliance systems augmented by artificial intelligence (AI) designed to help banks and fintechs increase their compliance productivity by more than 50% and reduce “alert fatigue” and scaling issues.

The company’s founder Guðmundur Kristjánsson says: “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.”

Arion Bank, which launched in 2008 and serves more than a quarter of the Icelandic population, offers a number of financial services including corporate and retail banking, investment banking, capital markets services, treasury services, asset management, and comprehensive wealth management for private banking clients.

The bank’s chief compliance officer Andrés Fjeldsted says Lucinity’s approach to the fight against money laundering aligns with Arion’s “forward-looking focus on digital solutions”.

In July, Lucinity raised $17 million in a Series B investment round led by Keen Venture Partners to accelerate its growth and expand its geographic coverage.