Compliance for banks
Beam minimizes your risk of large penalties and bad publicity for substantially less cost

Evolve faster than the criminals

Banks face increasing pressure from many directions, and two of the biggest challenges are meeting their regulatory obligations and finding ways to cut costs. Economic crises have resulted in an unprecedented quantity of increasingly complex regulations. At the same time, increased competition and the emergence of fintechs are squeezing the bottom line and forcing tighter budgets across all cost centers. Until now, the idea of cutting costs while still meeting your regulatory requirements was a nearly impossible endeavour.

Regulators fine U.S. Bank more than $600M for AML errors

More real cases. A lot less noise.

Red flags can often be more clearly identified when a pattern of activity is present, rather than an individual alert. Using state-of-the-art machine learning, Beam’s superior detection software analyzes hundreds of factors about millions of financial transactions to adaptively search for abnormal trends and activity.

Beam’s models take the results of analysts’ investigations in a feedback loop to continually learn from new findings, leading to significantly fewer false positives.

The power of social intelligence

Beam uses online sources to enrich your data and flag suspicious activity. For example, if a customer is applying for a loan, Beam will ensure that the loan amount isn’t greater than the value of the home, that the customer’s stated income is typical for their profession, and that their stated profession matches their profile on social media.

Keep what works

Banks can dramatically enhance their current compliance solutions by integrating Beam into their existing algorithms, rule sets, and systems without complete software replacement. The Beam Data Ingestion module allows you to send your data through the Beam solution and start increasing your productivity fast.

Fight crime, not software

Beam’s solution was designed by compliance experts to provide an intuitive, easy-to-use dashboard that streamlines AML transaction monitoring. Beam’s powerful tools help your team investigate more effectively with intelligent data aggregation and a collaborative workflow, significantly reducing case review time. The result is a comprehensive suite that combines transaction monitoring, investigation, and filing of suspicious activity reports (SARs) in a single, unified package.

Best for your budget and peace of mind

Compliance officers have a major responsibility to protect their firms from the expense and reputational damage associated with processing bad transactions, but they also face pressure to minimize costs. With our best-in-class, cloud-based compliance software, you don’t have to choose between quality and savings. Beam provides the best solution for minimizing your risk of large penalties and bad publicity at a substantially lower price.



In the news: U.S. Bank

On February 15, 2018, U.S. Bancorp® was assessed a penalty of $613 million for willful violations of several provisions of the Bank Secrecy Act. U.S. Bank was penalized for responding to their high volume of flagged transactions and insufficient investigative capacity by capping the number of alerts that their transaction monitoring software would generate. This response limited the number of investigations to a predetermined amount, without considering the legitimate and dangerous cases that would be lost below the cap.

“U.S. Bank chose to manipulate their software to cap the number of suspicious activity alerts rather than to increase capacity to comply with anti-money laundering laws,” said FinCEN Director Kenneth A. Blanco. By capping the number of alerts, U.S. Bank failed to report thousands of suspicious transactions amounting to millions of dollars that were not appropriately investigated by law enforcement.

This case is a clear demonstration of the dangers of using legacy transaction monitoring systems plagued by high false positives and longer case review times. Underperforming software created undue strain on U.S. Bank’s compliance program and pushed them to break the law and risk massive penalties and reputational damage. Beam is the ideal solution to augment and enhance the transaction-monitoring capabilities of large national banks.

Beam Detector yields higher catch rates and substantially lower false positives – saving your analysts time and increasing the quality of reports. Beam Investigator streamlines the investigation process and helps maximize the performance of your team. Request a demo to find out how we can help you avoid the expense and reputational risk of non-compliance.