Icelandic neobank Indó taps Lucinity for AML protection
Iceland’s first neobank Indó has selected Lucinity to provide it with anti-money laundering (AML) compliance software.
Indó taps Lucinity for AML compliance solutions
Lucinity’s AML platform uses artificial intelligence (AI) to allow compliance teams to make “smarter decisions faster” and gain access to modernised AML processes.
With the partnership, Indó will have access to Lucinity’s transaction monitoring and case manager solutions. Both solutions will equip the neobank with behaviour-based risk screening, contextual data visualisations and a “manageable” caseload.
Indó says it chose Lucinity because it wanted an AML solution that could “integrate seamlessly” into its existing technology and scale with its growing customer base.
“We are a new contender in the banking space, and we were looking for a modern solution that can support our ambition and standards,” says Haukur Skúlason, Indó’s CEO.
Founded in 2018, Indó received its Icelandic banking licence in February 2022 – the first new licence issued in the country in more than 30 years, Indó says. It offers a savings account and a debit card.
Lucinity claims to serve more than a quarter of the Icelandic market, after Arion Bank selected the firm to supply it with AML solutions in November.
