Image Recognition
Jumio is once again emphasizing the importance of a good Anti-Money Laundering (AML) compliance program for banks and other organizations in the financial industry. The company noted that many organizations have historically cut corners with their AML programs, either because they disagreed with AML regulations at an ideological level, or because they did not think expensive AML programs were worth the significant cost. Administrators issued $4.27 billion worth of penalties for AML violations in 2018, and that number jumped to $8.14 billion and then $10 billion in the next two years. For its part, Jumio pointed out that its portfolio of identity solutions can help financial institutions meet all of those regulatory obligations. The company strengthened its position in the AML market with its acquisition of Beam Solutions in September of 2020.