Beaufort Solutions develops a cybersecurity platform that provides a comprehensive Know Your Customer (KYC) solution for businesses subject to anti-money laundering regulations. The platform streamlines customer onboarding, risk assessment, and ongoing monitoring by integrating automated screening against international sanctions lists and negative news, significantly reducing compliance time and enhancing regulatory adherence.
Funding
$2.4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Businesses subject to anti-money laundering (AML) regulations face challenges in efficiently managing Know Your Customer (KYC) processes, including customer onboarding, risk assessment, and ongoing monitoring. These processes often involve manual screening against international sanctions lists and negative news, leading to time-consuming compliance procedures and potential regulatory gaps.
Solution
Beaufort Solutions offers a SaaS-based Know Your Customer (KYC) platform designed to streamline AML compliance for reporting entities. The platform facilitates customer onboarding by enabling registration, screening of relevant parties, and secure digital identity verification. It automates screening against PEP and sanction lists, negative news, and company registries, providing risk indicators and customizable checklists for comprehensive risk assessment. The platform also offers ongoing customer monitoring, alerting users to changes in customer relationships and facilitating efficient case management, risk classification, and reporting.
Target Audience
The primary target audience includes businesses subject to anti-money laundering regulations, such as financial institutions, real estate agencies, and law firms.
Features
- Automated screening against international PEP and sanction lists, negative news sources, and company registries.
- Dynamic, industry-specific KYC forms to capture details on purpose, source of funds, PEP status, and ownership structures.
- Risk assessment module with risk indicators, customizable checklists, and flexible risk profiling.
- Real-time monitoring of customer relationships, alerting users to any changes.
- Ownership identification algorithm providing a clear overview of beneficial owners.
- Secure e-signing for documents.
- Integration with BankID for user-friendly and secure identification.
- Customer reporting functionality for compliance and audit purposes.