CB Insights Highlights Beam for Fighting Crime and Terrorism
In its Global Fintech Report Q1 2019, CB Insights highlighted Beam Solutions as a leading regtech startup fighting crime and terrorism with AI and APIs. “Beam helps fintechs, banks, brokerdealers, and cryptocurrency companies to streamline workflows, lower false positives, and centralize data to comply with regulations,” the report explained. “The company’s API-based platform conducts transaction monitoring with the data and helps customers proactively identify suspicious activity.”
The report cautioned that regulators are now finding compliance gaps and cracking down, adding that regulators are more emboldened than ever. For example, the OCC gave an uncharacteristically scathing public rebuke of Wells Fargo Bank in March 2019, and within two weeks Wells Fargo CEO Tim Sloan retired. The message is loud and clear that incumbent and startup fintechs alike must implement truly functional and accurate compliance programs–or suffer severe consequences in terms of fines and loss of reputation.
CB Insights is a tech market intelligence platform that analyzes millions of data points on venture capital, startups, patents, partnerships, and news mentions to help companies like Salesforce, Microsoft, and Sequoia Capital find emerging trends. The selection of Beam as a notable regtech startup for this report signals the important role Beam is playing in making the financial system safer.