Jumio to integrate Beam’s AML screening and transaction monitoring services into its KYX Platform to detect financial crime and streamline regulatory compliance
Jumio, the leading provider of AI-powered end-to-end identity verification and eKYC solutions, announced that the company acquired the AML platform from Beam Solutions, a San Francisco-based startup focused on transaction monitoring and KYC.
Read More: GlobalFintechSeries Interview with Veenerick Vos van Liempt, Founder, CEO at ZeroTouch Order and Pay
“Financial institutions of all sizes currently rely on a number of point solutions to combat financial crime and mitigate money laundering threats. At the same time, they must satisfy countless government regulations in order to avoid expensive fines and reputational damage”
Jumio will integrate Beam’s suite of AML solutions into its current KYX Platform to further strengthen the company’s position in the anti-financial crime marketplace. Financial terms of the agreement were not disclosed.
Launched in 2016, Beam provides secure, accurate and easy-to-use solutions for fintechs, banks, broker-dealers, credit unions, lenders, cryptocurrency providers, marketplaces and other regulated organizations who need to comply with anti-money laundering (AML), know-your-customer (KYC) and suspicious activity reporting (SAR) regulatory requirements. Beam’s mission is to make the financial system safer by applying creative technological innovation to the detection and reporting of suspicious financial activity that facilitates money laundering, terrorism and human trafficking.
Read More: EuropeFX has made funding trading accounts easier than ever with the new support from PayPal
“Financial institutions of all sizes currently rely on a number of point solutions to combat financial crime and mitigate money laundering threats. At the same time, they must satisfy countless government regulations in order to avoid expensive fines and reputational damage,” said Robert Prigge, Jumio’s CEO. “Together, Jumio and Beam’s solutions deliver the first end-to-end compliance solution designed to minimize reputational and regulatory risk, increase operational efficiency and genuinely address harmful activity.”
Read More: Realio Partners With $250M+ Valentus Fund to Tokenize Institutional-grade Investment Opportunities
