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.