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HSBC Anti Money Laundering Enforcement Order Ends After 10 Years

This press release was orginally distributed by SBWire

Reykjavik, Iceland-- (SBWIRE) -- 01/04/2023 -- Significant action has been taken by regulators over the past decade against institutions where AML Monitoring and processes have been poor. HSBC is one of those institutions that has been hit with enforcement - in particular by the US Federal Reserve. However, in September this year, the Fed terminated a decade-long enforcement action against HSBC, which was the result of the bank violating money laundering and sanction rules. In 2012, when the enforcement action was implemented, the Fed accused HSBC of becoming the preferred financial institution for Mexican and Colombian drug cartels. The Department of Justice at the time described the actions of HSBC as "stunning failures of oversight" and the bank was ordered to pay fines that (at the time) were record figures, amounting to a total of $1.92 billion.

HSBC is not the only big global bank to have been hit by penalties like this. In 2020, Goldman Sachs Group was fined $2.9 billion for its role in a corruption scandal. The penalties for failures in AML monitoring where banks don't spot unlawful proceeds moving through their systems are getting increasingly heavier as the years go on. While the removal of the enforcement order for HSBC is good news for the global bank it doesn't change how much continued focus on compliance is necessary. Despite the fact that HSBC is shrinking its presence in the North American market to focus on Asia, compliance is going to have to remain a key concern.

The mistakes and challenges of the past decade have affected many financial services businesses. Although the big names like HSBC have seen the most public repercussions, failures in AML Monitoring can affect any business. And the consequences can be proportionally as severe. That's why it's so important for organizations to have effective money laundering compliance infrastructure in place, which includes key functions such as AML Monitoring. This is a need that Lucinity has sought to fulfill by creating a platform that makes it simple to achieve compliance. The software is specifically designed to be easy to implement and use across an organization. It features essential components necessary to protect against the threat of money laundering, including AML Monitoring as well as actor intelligence and the Lucinity SAR Manager. A unique approach to the software design has meant incorporating the best of both human and artificial intelligence - for example, attributes such as contextualising and interpreting on the human side and crunching numbers and assessing probabilities from AI.

Lucinity was established in 2018 and has since grown into a global presence in AML compliance, providing key tools such as AML Monitoring to businesses worldwide. Today, the firm has a strong global network that includes a presence in London, Brussels, Reykjavik and New York with a reach that extends internationally. The team's mission to Make Money Good underpins every effort to better support businesses in the ongoing challenges that financial crime represents.

About Lucinity

Lucinity is an anti-money laundering (AML) software developer on a mission to Make Money Good. Lucinity aims to solve productivity and efficiency issues for financial institutions through the company's 'Human AI' approach, a toolset that combines next-generation AI with human insights and expertise.
By leveraging AI, the AML software learns from every interaction and continues to improve indefinitely, providing fewer false positives and saving time. This is on top of its best-in-class interface and visualizations that put users first. Professionals can experience Lucinity's AML compliance solution, including transaction monitoring, through a free demo environment available on
Lucinity operates globally, with headquarters in Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, comments, "Lucinity's unique experience in banking, compliance, regulation, and data science has helped us develop a new approach to tackling money laundering—harnessing the best of human intelligence and augmenting it with advanced AI.
Our simple-to-use systems work with analysts, not against them, complementing their skills and making them superheroes so they can take on financial crime, saving institutions time and money in the process.

We believe that by transforming AML, we can have a tremendous positive impact on society. Money laundering is a crime that fuels crime. That is why we set out on the mission of Making Money Good."

To find out more information AML Monitoring visit
Lucinity are regular attendees at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events visit


For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.

For all other enquiries please contact Lucinity at

Notes to Editors:

- For more information about Lucinity services, please go to

- Lucinity is an AML software company, founded in 2018, with offices in Reykjavik, New York, London and Brussels. Using advanced AI systems, we help banks discover money laundering and really know their customers, more efficiently – to stop the funding of serious crime across the world.

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Steve Pailthorpe
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