Security News > 2020 > September > Jumio acquires AML platform from Beam to strengthen its anti-financial crime marketplace position

Jumio announced 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.

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."

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.

As financial crime continues to evolve, the asset purchase of Beam Solutions will create strategic synergies, technological unity and new innovation opportunities for Jumio to better meet the needs of existing and new customers around the world by providing a comprehensive end-to-end compliance solution.

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