The Beaufort Product Experience

AML is costly and complex. We want to simplify and reduce costs. How can this be done without increasing regulatory risk, you might ask. Our ambition is to improve the factors in the AML process.
Why we are in the market
Information efficiency: AML investigators spend 70% of their time gathering information from various sources and 30% actually investigating. This is the main reason their numbers are increasing across Europe, while regulatory risk do not seem to go down. We build a solution where that information can be available in one user interface, so that the investigators can focus on investigations. 

Automation: Going through the decision process of investigators, several sub processes are identified that can be automated, as their outcome is very data driven and unambiguous. 

Process design: We have hired people with a strong background in product design, IT and management because it is important. There are a large number of decision and investigation processes in the AML work streams that are complex and contain high information density. The product is delivered as a Software as a Service (SaaS). 
What our product is solving
The Beaufort Solution covers more than the AML lifecycle, it covers all necessary AML functions across front, middle and back office. Our mission is to do all the heavy lifting of AML tasks so that the compliance workers can focus on the difficult tasks of manual investigations and risk calibration. 

Front office

Front office covers the entire end user lifecycle; on-boarding and ongoing due diligence
  • Beaufort is designed to assist a more user friendly on-boarding and ongoing due diligence process
  • It can perform the entire process as a white labeled solution, or manage the flow and automation of information to make the process efficient, yet regulatory succinct
  • Beaufort will perform screening and establish UBOs as well as source of wealth
  • Exceptions from the process is referred to manual processing in the Back office module

Middle office

Middle office covers customer control and monitoring
  • Workflow management and supervision
  • Client overview and risk snapshot
  • Risk calibration and policy review
  • QA: Ability to backtrack single procedure steps and validate quality
  • Audit: Ability to generate audit reports and spot checks for second & third line audits as well as for regulatory interventions
  • Access controls and role management

Back office

Performing investigations and manual analysis, enhanced due diligence and managing exceptions is one of the most time consuming parts of AML, and therefore also the most costly. This is due to three key problems; 

1. Information needed for the investigation is not ready, so the investigator needs to compile them

2. Many of the more easy decisions could have been automated

3. There is rarely a tool available for the investigator, who often relies on standard word processing and spreadsheets for analysis and documentation

We recognise that the rapid increase in manpower to manage the alerts generated is not sustainable. Also, the attrition rates for these roles are too high, due to the work being repetitive and tedious. Therefore we have invested in user-friendly tools that will free up time for the investigators, key account managers and other roles that manages cases on a daily basis. Free up their time so they can focus more on actual investigations. 

What are the benefits

We cannot promise to iron out every crease in your AML Processing. But we promise you these benefits:
  • Save significant amount of man-hours through increased automation and a more streamlined process
  • Establish a more sharply defined process which is transparent and auditable, all of which translates into lower regulatory risk
  • A tool that your business can grow with, that will evolve as the AML regulation does.
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