Beyond AML Anniversary

  • Artificial Intelligence
  • 25.03.2021 04:24 pm

Beyond AML, global RegTech solution provider and innovator in data-driven transformation for financial institutions, celebrates its 1 st Birthday this March.

Despite the ongoing impact and disruption of Covid-19 for businesses globally, Beyond AML celebrates the anniversary of their incorporation on the 18th March 2021.

We asked Paul Alexander, Group Chief Executive Officer of the Beyond Footprint Group, to share his experience of launching a global business in a pandemic, the successes in this challenging year, and the trends and opportunities for financial institutions (FIs) over the next 12 months and beyond.

How and why did you start Beyond AML?

Our Group has 20-years' experience in developing data-driven solutions for global retail, financial and travel businesses, and so it was a natural progression for us to expand into the specialist sector of anti-money laundering and compliance optimisation, to drive system efficiencies and business growth.

In sectors used to ‘black-box models’ we saw that there was a real opportunity to use our tremendous quantitative experience to assist these businesses, as we believe the market lacks this currently.

We found that FIs have long been impacted by penalties related to ineffectiveness and inefficiency within their legacy systems and they recognise that the challenge is to keep up with terrorists and criminals who embrace disruptive, digital technologies and outpace the market.

We built Beyond AML to meet regulatory, compliance and societal expectations, whilst still considering the clients’ appetite for risk and efficiency without the big price tag.

What are the biggest challenges you faced this year and/or successes?

In addition to the notable restrictions on travel, the continued impact of Brexit in the UK has an obvious effect on FIs operating in the EU. We anticipate considerable demand for risk management to meet the needs of the regulator and governing bodies, and particularly for sanctions screening.

We believe that with disruption, comes an opportunity for change and we have successfully onboarded and delivered some significant solutions for clients, including optimising and remediating their end-to-end AML compliance processes, solutions and models. From the independent validation of models pre-deployment to risk identification, management and monitoring, we’re enabling our clients to fine tune their systems to mitigate risk to an appropriate level, allowing the creation of AML programmes that are fit for purpose, both in terms of regulation and output quality.

To top it off we’re proud to have made it to the Semi-Finals of the Taiwan RegTech competition 2020, sharing our feasible method for RegTech acceleration, we also provided a connection to the international RegTech network and potential legal adjustment in the future.” 

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