Pleo taps Lucinity’s AML solution to scale across Europe

Rick Steves

“We believe that by transforming AML compliance and applying a smarter, more intelligent approach, we can have a significant positive impact on society”

Denmark-based fintech Pleo has tapped Lucinity for its AI-powered anti-money laundering software as part of its plans to expand across the European region.

The “smart spending solutions” fintech valued at $4.7 billion has been acquiring new customers exponentially, serving various industries and companies throughout Europe.

This has led to an increased need to up its AML game by adopting transaction monitoring that can be scaled rapidly, with no impact on the security and integrity of its anti-money laundering (AML) monitoring processes.

Enter Lucinity, whose Lucinity’s AML solution leverages artificial intelligence (AI) to support human insights, providing greater efficiency and productivity for compliance professionals.

Scalability is the name of the game in this case and Lucinity’s capabilities combined with its integration-friendly application program interface (API) was the ideal solution to support Pleo’s rapid expansion, according to the announcement.

Reducing SARs from 4 hours down to minutes

Charlotte Lowry, Money Laundering Reporting Officer (MLRO) & Compliance Director at 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.”

Guðdmundur Kristjánsson, Founder & CEO, of Lucinity, said: “We believe that by transforming AML compliance and applying a smarter, more intelligent approach, we can have a significant positive impact on society. Pleo shares our vision for progressive and smart solutions for forward-thinking customers, and we are delighted to be working with them.”

Pleo tapped Lucinity’s full AML compliance software, including Transaction Monitoring, Case Management, Actor Intelligence, and SAR Manager to handle suspicious activity reports (SARs).

The compliance software integrates into the Danish Financial Intelligence Unit (FIU) and can 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.

Pleo is an automated expense management system aimed at SMBs to let them issue company cards and better manage how employees spend money.

In 2021, the company raised $200 million – valued at $4.7 billion – to use in areas like M&A, picking up the pace on expanding to new countries, bringing more functionality into its core product and generally expanding its presence as a key enabler of “the future of work”.

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