Beam Solutions - Ccobox

Beam Solutions, established in 2016 by co-founders Benjamin Duranske and Andreas Bayer, operated as a key player in the anti-financial crime sector from its base in San Francisco. The company specialized in providing a cloud-based compliance platform focused on anti-money laundering (AML).

The firm's business model revolved around offering a suite of solutions to a diverse client base that included fintechs, banks, cryptocurrency providers, and other regulated entities. These solutions were designed to help organizations comply with complex regulatory requirements such as know-your-customer (KYC) and suspicious activity reporting (SAR). Beam Solutions generated revenue by providing these critical services to institutions aiming to mitigate regulatory and reputational risks associated with financial crime.

The core offering was a comprehensive platform that featured AML transaction monitoring, watchlist and sanctions screening, and customer risk rating functionalities. A significant aspect of the service was its use of machine learning to analyze financial transactions, adaptively searching for abnormal patterns to reduce false positives and improve investigation efficiency. The platform also included sophisticated case management tools to streamline the process of investigating suspicious activity. This integrated approach allowed data from the initial customer onboarding to be utilized in ongoing transaction monitoring, providing a more holistic view of customer risk.

In a significant milestone, the company's AML platform and team were acquired by Jumio in September 2020. This asset purchase was a strategic move by Jumio to integrate Beam's AML capabilities into its own KYX Platform, aiming to create an end-to-end identity verification and compliance solution. Following the acquisition, Beam's U.S. employees were relocated to Jumio's headquarters in Palo Alto.

Keywords: Beam Solutions, anti-money laundering, AML compliance, transaction monitoring, KYC, suspicious activity reporting, financial crime detection, Jumio acquisition, regtech, fintech compliance, customer risk rating, sanctions screening, financial regulation technology, cloud-based compliance, machine learning AML