indó Lucinity money laundering
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Icelandic Neobank indó Partners With Lucinity to Tackle Money Laundering

Icelandic mobile-first neobank indó, has selected AML platform Lucinity to support financial crime prevention. The digital bank looks to use Lucinity’s AML compliance software, including its Transaction Monitoring and Case Manager solutions.

The Lucinity anti-money laundering platform leverages artificial intelligence (AI) to augment human expertise and will enable the indó compliance team to make faster decisions. Combining technology and human insights to create augmented intelligence has helped Lucinity to support a range of banks and fintechs to increase their compliance productivity by over 50 per cent.

indó selected Lucinity to easily integrate its AML solution into the neobank’s existing technology and scale with its growing customer base. The neobank plans to use Lucinity’s Transaction Monitoring to support its compliance team, by providing behaviour-based risk screening and explainable AI.

The Lucinity Case Manager also offers indó contextual data visualisations, to produce data-driven decision-making and boost efficiency and productivity.

‘Zero-tolerance policy for money laundering’
haukur skúlason indó Lucinity money laundering
Haukur Skúlason, CEO of indó

Haukur Skúlason, CEO of indó, commented on the partnership. Skúlason said: “We are a new contender in the banking space, and we were looking for a modern solution that can support our ambition and standards.

“Lucinity is not merely a vendor but a partner, capable of matching our tech stack and agile way of working. Lucinity also understands our priorities, including our zero-tolerance policy for money laundering.”

indó was founded in 2018, becoming the first neobank to operate in Iceland. It received its Icelandic banking licence in February 2022 – representing the first licence to be issued in over 30 years. indó aims to use the country’s highly digitised banking market, in which 95 per cent of the population uses electronic IDs, banking apps, or digital currencies.

The digital bank aims to emulate the success and growth of similar challenger banks set up in the likes of the UK and the Nordics.

Gudmundur Kristjansson Lucinity
Guðdmundur Kristjánsson, founder and CEO of Lucinity

Guðdmundur Kristjánsson, founder and CEO of Lucinity, also offered his thoughts: “We are excited to be partnering with indó to help them realise their mission of restoring trust and regaining transparency in the banking industry in Iceland and beyond.”

Since 2018, Lucinity has become an AML provider that looks to connect “technology and purposeful design” to help its customers discover money laundering.

The partnership comes during a busy period of expansion in Iceland for Lucinity, which now serves more than a quarter of the Icelandic market. In November, Iceland-based Arion Bank also selected Lucinity for its AML solutions.

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