AI-powered identity verification and KYC outfit Jumio has acquired the AML platform of Beam Solutions. Financial terms of the deal were not disclosed.
Launched in 2016, San Francisco-based Beam provides technology that helps fintechs, banks, broker-dealers, credit unions, lenders, cryptocurrency providers and others comply with AML, KYC and suspicious activity reporting regulatory requirements.
Jumio will integrate Beam's AML transaction monitoring, watchlist and sanctions screening and customer risk rating functionality into its KYX platform.
Robert Prigge, CEO, Jumio, says: "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."