Lucinity: A Battle Cry for the War Against Money Laundering
Francis Bignell, 27 May 2021
AI has improved and developed at an unprecedented rate over the past decade. This has been necessary as fraudsters across the globe have also been keeping up with technology, enabling them to create new scams and commit crimes like money laundering: exploiting old means of protection like outdated AML systems. Evidence for this can be seen in the fact that banks in the US faced $10.4billion in fines due to money laundering violations in 2020.
Lucinity is an AML software company, founded in 2018, with offices in New York and Reykjavik. Using advanced AI systems, the company helps banks discover money laundering to stop the funding of serious crime across the world. Guðmundur Kristjánsson, CEO and founder, more commonly known as GK, is an experienced veteran in the compliance space. Before founding Lucinity, GK served as Director of Compliance Surveillance Technology at Citigroup. He was instrumental in charting Citi’s path to AI in surveillance and responsible for a number of successful products across the compliance space. Before joining Citi, GK served as Director of Product Management at Nice Systems, building and delivering compliance systems to top-tier banks all over the world.
At Lucinity, Justin Bercich leads the effort to bridge the Human-AI dichotomy as Head of AI, by building trust and synergies between investigators and machines to improve financial crime detection. Bercich manages the implementation of production-ready distributed machine learning systems that use cutting-edge explainable AI algorithms and graph technology. Before joining Lucinity, Bercich worked as an Artificial Intelligence specialist at the Financial Conduct Authority, the financial regulatory body in the United Kingdom, for several years. Bercich holds a PhD in Machine Learning and Artificial Intelligence and Bachelor of Commerce (Honors) from the University of Sydney.
