Case Study: Beem boosts AML efficiency and customer satisfaction with ComplyAdvantage

Beem lowers match hit rate to 1.2% with ComplyAdvantage

Beem, an Australian mobile payment app, faced challenges with slow customer onboarding due to inefficient manual screening processes. This created a backlog of alerts and high match rates, reducing analyst efficiency and customer satisfaction. To meet stringent regulatory requirements, Beem partnered with ComplyAdvantage for its customer screening and transaction monitoring solutions.

ComplyAdvantage implemented a risk-based approach and automated workflows via its RESTful API. This significantly reduced Beem's match hit rate from 8% to 1.2% and cut the time to clear new customers to within one business day. The solution increased the overall efficiency of Beem's AML program by 10%, allowing analysts to focus on higher-value work and improving the customer experience.

Beem