Pleo, the Danish $4.7B FinTech with 20,000 companies across Europe, has selected Lucinity as its central hub for Financial Crime Prevention after a rigorous selection process.
Founded in 2015, Pleo offers smart spending solutions for forward-thinking companies through a streamlined approach to expense management. Pleo has been acquiring new customers exponentially, serving various industries and companies across the globe. They were looking for a trusted solution that would provide a dynamic and modern approach to transaction monitoring that could be scaled rapidly, with no impact on the security and integrity of its anti-money laundering (AML) monitoring processes.
Lucinity’s AML solution leverages artificial intelligence (AI) to support human insights, providing greater efficiency and productivity for compliance professionals. Its highly scalable products combined with its integration-friendly application program interface (API) was the ideal solution to support Pleo’s rapid expansion.
Pleo will be using Lucinity’s full AML compliance software, including Transaction Monitoring, Case Management, Actor Intelligence, and SAR Manager to handle suspicious activity reports (SARs). With simplicity and stability at the core of both Pleo and Lucinity’s products, Lucinity will enable Pleo’s compliance team to obtain actionable information through visually appealing and trusted technology.
Through its open design, Lucinity’s AML software will also be able to integrate into the Danish Financial Intelligence Unit (FIU) and enable Pleo to manage SARs more efficiently, reducing the review and filing process from four hours down to minutes with intuitive previews, easier editing, and straight-through filing.
Charlotte Lowry, Money Laundering Reporting Officer (MLRO) & Compliance Director, Pleo commented: “Lucinity’s AI-powered AML software ultimately drives a more intelligent and actionable approach to AML monitoring, something we were looking for as we scale with a robust AML compliance risk foundation in place. The firm’s collaborative approach, coupled with a superior interface was a huge driver to working together, and we look forward to partnering with them closely as we continue to grow.”
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“We believe that by transforming AML compliance and applying a smarter, more intelligent approach, we can have a significant positive impact on society,” added Guðmundur Kristjánsson, Founder & CEO, of Lucinity. “Pleo shares our vision for progressive and smart solutions for forward-thinking customers, and we are delighted to be working with them.”