Fighting Financial Crime in Digital Age: How Tookitaki Leads the Way

3 mins

The rise of digital technology has brought about many benefits, including increased convenience and accessibility to financial services. However, it has also created new opportunities for criminals to engage in financial crime, such as money laundering and terrorist financing. In order to combat these activities, financial players such as traditional banks, digital banks, payment providers & e-wallets must adapt and employ advanced technology to detect and prevent financial crime. Tookitaki's Anti-Money Laundering Suite (AMLS) and Anti-Financial Crime (AFC) Ecosystem provide a comprehensive and innovative solution for financial institutions looking to enhance their compliance efforts.

Digitalization and Financial Crime: Understanding the Risks and How to Address Them

One of the biggest challenges in the digital age is the sheer volume of data that financial institutions must process. This makes it difficult to identify suspicious activity and distinguish it from legitimate transactions. Additionally, criminals have become increasingly sophisticated in their methods, making it harder for financial institutions to detect and prevent financial crime happening within their own backyards.

To address these challenges, a holistic approach to detection, prevention and management is needed and this is where Tookitaki enters the picture.

Tackling Financial Crime with Tookitaki's AFC and AMLS

Tookitaki's AFC Ecosystem and AMLS are designed to help financial institutions detect and prevent financial crime in the digital age. Tookitaki uses a community-based approach, which brings together financial institutions, regulators, and law enforcement agencies to share knowledge and work together to combat financial crime. This approach allows for a more holistic view of financial crime activity and enables the detection of hidden patterns and connections that would otherwise go unnoticed.

Tookitaki's AMLS: An End-to-End Solution for Financial Institutions

Tookitaki's AMLS is the solution to the outdated and siloed approach to fighting financial crime. Traditional methods leave gaps that bad actors can exploit to evade detection and continue money-laundering and other notorious crimes. At Tookitaki, we utilize our technology expertise and take a unique community-based approach to arm financial institutions with a complete view of their consumers' financial journey, from onboarding to offboarding. This not only provides assurance for our customers, but also ensures that the entire financial journey of their consumers is closely guarded. 

Community-based Approach to Fighting Financial Crime

Tookitaki's mission is to create safe and secure societies through our innovative AFC Ecosystem. This powerful ecosystem uncovers hidden money trails and puts a stop to notorious financial crimes by leveraging the expertise and intelligence of a diverse community of experts. Comprising FCCs, law enforcement, NGO's and more, our community spans the entire spectrum of money-laundering, from placement to integration. With Tookitaki, financial institutions are empowered to identify patterns and risks that traditional methods cannot uncover, resulting in more comprehensive risk policies and a more effective defense against financial crime.

The ecosystem includes a Typology Repository, which allows for the collection and sharing of information on money-laundering techniques and schemes. This allows financial institutions to stay ahead of emerging threats by providing access to a wealth of knowledge and data about money laundering techniques and schemes.

Advanced Technology for Improved Efficiency and Effectiveness

Tookitaki's AMLS is the ultimate solution for financial institutions looking to enhance their compliance efforts. Our four modules - Transaction Monitoring, Smart Screening, Customer Risk Scoring, and Case Manager - are specifically designed to optimize Intelligent Alert Detection (IAD) and Smart Alert Management (SAM). 

Our proprietary technology detects suspicious patterns that traditional rules-based systems miss, screens parties against multi-dimensional attributes, evolves a customer's risk-profile based on new alerts, and combines all information into a single-view for ease of analysis and reporting. With the automation of these processes, our customers can focus on reducing their cost of compliance and expanding into new territories.

Tookitaki has been recognized by leading industry bodies and experts and has received numerous awards such as the World Economic Forum Technology Pioneer, G20TechSprint 2020, Chartis RiskTech100, and HPE Singapore Fast Forward Innovation Award.

Take the Next Step in Fighting Financial Crime

If you're a financial institution looking to enhance your anti-money laundering (AML) and counter-terrorist financing (CTF) compliance efforts, Tookitaki's AMLS is the solution for you. Request a demo today to see how Tookitaki's innovative technology and community-based approach can help your organization stay ahead of the curve in the fight against financial crime.