Jumio Acquires Beam Solutions’ AML Platform to Deliver the First End-to-End Identity Verification and Compliance Solution
Summary
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. 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. AI-Powered Anomaly Detection: Beam leverages state-of-the-art machine learning to analyze hundreds of factors about millions of financial transactions to adaptively search for abnormal patterns and activity. ”Data gathered during the onboarding and customer due diligence processes should be leveraged going forward as part of the ongoing KYC and transaction monitoring program. The Jumio KYX Platform offers a range of identity proofing and AML services to accurately establish, maintain and reassert trust from account opening to ongoing transaction monitoring.
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