Jumio, a U.S.-based AI-powered end-to-end identity verification and eKYC solutions provider, announced on Tuesday it has acquired the AML platform from Beam Solutions, a San Francisco-based startup focused on transaction monitoring and KYC.
Jumio reported it 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 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. “
Speaking about the acquisition, Robert Prigge, Jumio’s CEO, stated:
“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.”
The financial terms of the agreement were not disclosed.