Jumio, a leading provider of AI-powered end-to-end identity verification and eKYC solutions, announced today that the company acquired the AML platform from Beam Solutions, a San Francisco-based startup focused on transaction monitoring and KYC.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."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."Organizations that are subject to financial regulations currently rely on multiple systems to mitigate financial crime and meet their compliance obligations. The asset purchase of Beam Solutions accomplishes a number of strategic objectives, including:The KYX Platform: Beam provides critical AML transaction monitoring, watchlist and sanctions screening and customer risk rating functionality to expand Jumio's KYX Platform strategy, which combines data from a variety of sources to build a complete digital profile and risk assessment of each customer.Case Management: Beam streamlines the process of investigating suspicious activity by integrating powerful tools with a modern, intuitive workflow. The data captured during the onboarding process can seamlessly feed into this process, making analysts better informed and more efficient. Analysts can then document their findings, progress through a workflow and submit regulatory filings – all through a single user interface.
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