On a mission to combat financial crimes
AML compliance is increasingly complex and expensive. At the same time, the buying public is expecting instant gratification when they want a product. The founding team behind Beaufort saw the need for an effective AML solution bridging the gap created by these two trends.
Thus, they developed a digital platform capable of identifying risks and keeping up with AML rules and regulations, including counter-terrorism financing (CTF) and sanctions lists.
“Superpowers for financial crime fighters”
By superpowers, Beaufort means its flexible software platform enabling customer screening and continuous real-time monitoring of all customers and their activities. So whether a financial institution or fintech deals in loans, investments or payments, Beaufort help sort customers and transactions into different risk categories of low, medium or high and then provide customized management for each one.
The need for Regulatory Technology (RegTech) software has increased dramatically in the last years. Independent sources have calculated the market to grow by approximately 35-40% annually going forward. In 2018 the global RegTech market was worth 23.7 $ billion, the same market is estimated to grow to an astonishing 115.7 $ billion by 2025.
Going forward
From the very beginning, Beaufort used former PwC AML director, Henning Gravklev, as an expert consultant. At the official launch in 2019, the Finstart Lab founding team appointed Henning as CEO. His main focus going forward is to establish Beaufort’s core team.
Superpowers for financial crime fighters