#RegTech / Jumio acquires Beam Solutions’ AML technology

Identity verification firm Jumio has acquired Beam Solutions’ anti-money laundering (AML)… Based in San Francisco, Beam Solutions provides transaction monitoring and know your customer (KYC) solutions.

Jumio will integrate the Beam AML product into its KYX technology platform. The vendor hopes the deal will strengthen its position in the anti-financial crime sector.

Beam provides “critical” AML transaction monitoring, watchlist and sanctions screening… This will combine with data in its KYX system to build a “complete digital profile” of every client’s customers.

Beam’s “state of the art” machine learning technology and anomaly detection is to be “enhanced” by combining with Jumio’s AI Labs.

… following the acquisitions completion [Jumio]… will offer “the first end-to-end identity verification and compliance solution.”