Know Your Customer (KYC)

Satisfy regulatory requirements with superior risk assessment

eg
Eddie Gregory
Mesa, NM
ds
Danny Ocean
Shiloh, HI
vy
Viktor Yanukovich
Chicago, IL
jf
James Ford
Miami, FL
fw
Francisco Webb
Pompano Beach, FL
js
Julie Simmons
Glendale, MA
bs
Belle Starr
Rialto, NY
eg
Eddie Gregory
Mesa, NM
ds
Danny Ocean
Shiloh, HI
vy
Viktor Yanukovich
Chicago, IL
jf
James Ford
Miami, FL
fw
Francisco Webb
Pompano Beach, FL
js
Julie Simmons
Glendale, MA
bs
Belle Starr
Rialto, NY

The challenge of compliance

Know-Your-Customer regulations help make sure financial institutions don’t do business with high-risk individuals and entities. But traditionally, KYC compliance requirements have been a burden, requiring a combination of inadequate technologies and tedious manual intervention. The result? Poor customer experiences, inaccurate risk assessments, and huge fines.

Beam has you covered

Beam transforms your customer due diligence/KYC approach with two solutions that integrate with world-class data sources to protect your platform.

Did you know?

FinCEN imposed a penalty of $8 million on card club Artichoke Joe's for its failure to meet KYC and AML requirements.

Source: FinCEN

Did you know?

Lone Star community bank was penalized $2 million for engaging in high-risk foreign correspondent banking services without conducting appropriate due diligence.

Source: FinCEN

Did you know?

Money service business BTC-e was penalized $110 million for inadequate KYC controls. Its financial director was personally penalized $12 million.

Source: FinCEN

Watchlists

Keep people on watchlists off of your platform. Beam Watchlists is a high-precision screening solution that programmatically deprioritizes and clears false positives. It creates cases with contextual information that allows analysts to quickly and efficiently process situations where human review is still required.

Identity Verification

Comprehensive identity verification goes beyond static data points such as name, address, date of birth, and SSN. Beam Identity Verification builds a full digital identity by looking at an entity’s device details, geo-location data, transaction history, social media, and the US Census. Analysts can easily review the information in a consolidated case view and approve, deny, or escalate. The decision process can also be automated based on user-defined criteria.

Do business with confidence

Beam’s solutions allow companies to confidently validate a customer’s identity and suitability, assess risk, and minimize penalties for non-compliance. Request a demo today to see how Beam can transform compliance in your organization.

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