“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.” – Robert Prigge, CEO, Jumio
Jumio is looking to enhance its Know Your Customer platform with the acquisition of AML startup Beam Solutions.
Based in San Francisco, Beam has been building a transaction monitoring and case management platform to help client organizations – particularly those in financial services – to comply with Anti-Money Laundering regulations. To that end, the platform essentially lets users upload aggregated transaction data so that it can be analyzed for suspicious activity, and provides an interface through which action can be taken when potential malfeasance is detected, including the ability to submit regulatory filings.
It’s clearly a good fit for Jumio’s KYX Platform, which the company launched just a couple of weeks ago. Complementing Jumio’s selfie-based biometric authentication solution, KYX is specifically aimed at helping companies to comply with the Know Your Customer regulations that so often go hand-in-hand with AML requirements.
In announcing the acquisition, Jumio VP Dean Nicolls explained that his firm had come to recognize that many of its major banking clients were having to cobble together multiple different solutions to address the issue of financial crime and AML compliance. This prompted Jumio’s leadership to assess the gaps in the company’s own solutions portfolio, which included detecting suspicious activity, offering simplified case management, and delivering a more holistic KYC and AML process.
“Today, we are excited to share that Jumio finalized an asset purchase agreement with Beam Solutions, a San Francisco-based startup to help solve these challenges,” he said.
“To avoid exorbitant AML fines, today’s financial institutions need a smart solution that enables their compliance teams to be responsive, adaptable and efficient – this is what Jumio now offers by integrating Beam’s AML screening and transaction monitoring solutions into the KYX Platform.”
The acquisition is a timely one in the wake of last week’s bombshell report from BuzzFeed News and the International Consortium of Investigative Journalists that detailed the prevalence of money laundering in the global financial services sector, and the difficulties authorities have encountered in disrupting the practice.
“Together, Jumio and Beam’s solutions deliver the first end-to-end compliance solutions designed to minimize reputational and regulatory risk, increase operational efficiency and genuinely address harmful activity,” proclaimed Jumio CEO Robert Prigge.