A new partnership has been formed between indó and Lucinity in order to further strengthen AML capabilities in Iceland.
The collaboration will utilise the latest in data science and technology to identify and eradicate money laundering within transactional data.
indó´s CEO, Haukur Skúlason emphasised the positives of the partnership and the growing role of the neobank in social responsibility: “We see it as a part of our social responsibility to fight money laundering and pursue excellent business practices.
“That is why we have decided to use Lucinity’s services. Through this partnership, we have access to a system that guarantees quality and efficiency in handling safeguards against money laundering.”
The agreement comes as each year in excess of $2 trillion is laundered through the world’s financial system, usually money that originates in black market activities.
The financial world has relied on relatively simple rules to screen for money laundering. In recent years the number of fines in relations to AML violations has never been more frequent and the amounts have never been higher.