Jumio Guide Aims to Simplify KYC and AML Compliance

Jumio has released a new guide that is intended to simplify Anti-Money Laundering (AML) procedures for regulated organizations. Appropriately dubbed The Dawn of End-to-End AML Compliance, the guide creates a roadmap that banks, cryptocurrency providers, and other regulated businesses can follow to be compliant with the latest AML requirements.

To that end, Jumio breaks compliance down into several key components, pointing out that regulated businesses are usually scrambling to keep pace with an evolving set of separate but related laws. Those include Know Your Customer (KYC) and transaction monitoring regulations. The former concern the collection of personal information, and mandate that organizations must be able to verify the identities of their customers when doing business. The latter, on the other hand, force organizations to keep tabs on user accounts to watch for suspicious activity.

Transaction monitoring goes hand in hand with case management, which forces institutions to review any activity that gets flagged by the KYC or transaction monitoring solution. In the US, organizations are also expected to file Suspicious Activity Reporting (SAR) forms for those incidents with the Financial Crimes Enforcement Network.

The problem, according to Jumio, is that many organizations do not take a holistic approach to security. Instead, they deploy a different solution to address every compliance concern, and end up with a messy hodgepodge of 10-20 solutions that are not compatible with one another and create inefficient workflows for employees and customers alike. 

Jumio, on the other hand, is advocating for an end-to-end solution that delivers full AML compliance in a single convenient package. The company recently acquired Beam Solutions in an effort to deliver just such a solution, pairing the startup’s AML platform with its own Jumio KYX Platform to create a comprehensive offering that provides secure onboarding and ongoing transaction monitoring. It also automates the filing of SAR reports.

Jumio reported record sales and traffic numbers in the third quarter of 2020.

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November 3, 2020 – by Eric Weiss