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Real Risks in Failure to Implement AML Transaction Monitoring

This press release was orginally distributed by SBWire

Reykjavik, Iceland -- (SBWIRE) -- 11/14/2022 -- Failures in implementing AML Transaction Monitoring increasingly have real world consequences, as the US government continues to crack down on money laundering. A lack of tolerance for low quality AML measures is seeing more and more cases of prosecution under the Bank Secrecy Act. One of the most recent involves two co-defendants named in an indictment from March 2021 who, in September this year, pleaded guilty to "failing to maintain an effective anti-money laundering program." As a result of the failure, the two defendants, Hanan Ofer and Gyanendra Asre, are named in charges involving $1 billion in "high risk" transfers. The pair are accused of having run an unlicensed money transmitter business, targeting investors less sophisticated than they were offering to operate High Risk Business Lines on their behalf. The big issue is that both the defendants had the knowledge and experience to operate those business lines - and provide the necessary AML Transaction Monitoring and oversight for them.

However, the defendants did not implement any AML Transaction Monitoring or prevention measures and, as well as the charge of operating an unlicensed money transmitting business, have been brought up on charges of failure to maintain an effective anti-money laundering program and failure to file (any) Suspicious Activity Reports. As a result of their actions large sums of cash from high-risk jurisdictions were allegedly funneled into the country. What's interesting about the indictment is that the transactions are "high risk" as opposed to actually "suspicious." This illustrates how the Department of Justice does not have to prove actual money laundering, or that the funds in question represent the proceeds of a specific offense, in order to charge defendants with failures to implement AML Transaction Monitoring.

As this matter illustrates, failures in AML Transaction Monitoring are a big concern for governments globally today and many, like the US DoJ are willing to pursue in situations where the requirements are not being met. That's why it's so vital for every organization today to have effective anti-money laundering measures in place. The Lucinity platform has been specifically designed to help enterprises achieve this, integrating vital tools such as effective AML Transaction Monitoring, actor intelligence and SAR management. With this streamlined and efficient tool there is no reason why every organization - no matter how small - can't implement AML protection. The Lucinity software is intentionally designed to be easy to use, integrating the best of human intelligence and artificial intelligence to create a highly effective tool that helps improve productivity too.

Lucinity was established in 2018 and has become a key partner for businesses globally in the fight against money laundering. Because money laundering is a crime that drives other crimes, it is vital for organizations to have the right support when it comes to fighting financial crime. Lucinity software supports this through augmented intelligence, innovation and a focus on Making Money Good. That's why the business has been able to expand so quickly - it now has offices in Reykjavik, London, New York and Brussels.

About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to Make Money Good. Lucinity aims to solve productivity and efficiency issues for financial institutions through the company's 'Human AI' approach, a toolset that combines next-generation AI with human insights and expertise.

By leveraging AI, the AML software learns from every interaction and continues to improve indefinitely, providing fewer false positives and saving time. This is on top of its best-in-class interface and visualizations that put users first. Professionals can experience Lucinity's AML compliance solution, including transaction monitoring, through a free demo environment available on

Lucinity operates globally, with headquarters in Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, comments, "Lucinity's unique experience in banking, compliance, regulation, and data science has helped us develop a new approach to tackling money laundering—harnessing the best of human intelligence and augmenting it with advanced AI.

Our simple-to-use systems work with analysts, not against them, complementing their skills and making them superheroes so they can take on financial crime, saving institutions time and money in the process.

We believe that by transforming AML, we can have a tremendous positive impact on society. Money laundering is a crime that fuels crime. That is why we set out on the mission of Making Money Good."

To find out more information about AML Transaction Monitoring visit

Lucinity are regular attendees at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events visit

For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.

For all other enquiries please contact Lucinity at

For more information about Lucinity services, please go to

About Lucinity
Lucinity is an AML software company, founded in 2018, with offices in Reykjavik, New York, London and Brussels. Using advanced AI systems, we help banks discover money laundering and really know their customers, more efficiently – to stop the funding of serious crime across the world.

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Steve Pailthorpe
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