Lucinity, an artificial intelligence (AI) software as a service (SaaS) company, has introduced a generative AI copilot, dubbed Luci, to help in the prevention of financial crimes.

The firm aims to transform the way financial crime prevention professionals operate by minimising the time taken for investigation from hours to minutes.

Luci will allow risk and compliance teams to optimise their operation by transforming complex data into comprehensible insights in real-time, said Lucinity.

It is expected to significantly decrease the time spent on decision-making and boost the risk and compliance teams’ overall productivity.

According to the firm, the generative AI copilot will understand and communicate contextual information to assist analysts in making better decisions and enhancing compliance outcomes.

Luci is also designed to rapidly gather essential data, perform thorough checks, offer critical risk insights as well as summarise the search results to make data analysis simpler.

Besides, the copilot is said to consistently write detailed regulatory reports that adhere to regulatory and enterprise guidelines.

Lucinity CEO and founder Gudmundur Kristjansson said: “With Luci, Lucinity continues to lead the charge in AI innovation, bringing unprecedented efficiency and accuracy to financial crime prevention.

“Our commitment to revolutionizing this field is unwavering. Guided by our Ethical AI Pledge, we’re using AI not just to create a better product but to Make Money Good.”

The launch of the generative AI copilot comes after Lucinity’s recently announced partnership with the Bank for International Settlements (BIS) Innovation Hub Nordic Centre on Project Aurora.

Project Aurora focuses on utilising technology and intelligent data analytics to uncover hidden trends in cross-border transactions apart from prioritising individual privacy.

Founded in 2018, Lucinity integrates AI with the expertise of anti-money laundering (AML) teams to improve compliance within payment service providers, banks and fintech challengers.