Is your AML compliance software making your bank lose money?

5 mins

Headlines of increasing fines from regulators and money laundering scandals only increase the demand for technology solutions that overcome compliance challenges. The need for an AML compliance software solution that automates processes and decreases the margin for error is needed now more than ever.

However, one of the first questions we ask ourselves when investing our budget in a new tool or software is: will this be a worthwhile investment? Will it save us money in the long run and can I prove its worth?

With ever changing criminal behaviour, tech is becoming increasingly savvy too. It’s important to stay ahead of the game and know what you’re looking for when searching for a software so it saves you time and money rather than sticking to a legacy system.


One of the biggest ways your software might not be helping your budget is via resource. Rules-based legacy systems are ill-equipped to keep pace with the techniques employed by criminals to launder money. As closed, static systems they miss the complex money-laundering structures which exploit blind spots between jurisdictions’ regulations. It leaves anti-money laundering (AML) teams with mounting numbers of false positive alerts and backlogs of cases, requiring officers to solve them manually and then provide audit trails themselves. This process can be largely automated, saving you money on hiring more staff.


Employee retention

As a result of lack of resources and mistakes, employees soon become overworked and unhappy. This means two things;

  • They become less focused and motivated and start to make even more mistakes.
  • They start to look elsewhere for a new job

Neither is good for business finances. Errors lead to regulatory fines and bad employee retention leads to more hiring and training costs. A happy employee is always a more motivated one. Providing your staff with the tools to improve their job performance and reach their KPIs will always be a good investment. It will pay to automate some of their workload so their time can be better spent elsewhere.


Long deployment times

The regulatory space is complex and forever changing. You need your software provider to be one step ahead and work at lightning speed to always beat the financial criminals. Deploying new sets of rules and data may be a big task for some companies especially if they use external teams to do this. Time is money, and every day you’re waiting for new rules to be installed is another day your business is at risk. A good AML software company will be able to automate this process for you so your software grows with your brand.



Rules-based legacy systems are ill-equipped to keep pace with the techniques employed by criminals to launder money. They miss the complex money-laundering patterns due to their static, closed nature. It leaves AML teams with mounting numbers of false positive alerts and backlogs of cases, requiring officers to solve them manually. This can mean a high-risk case can sit there for weeks going undetected, leaving you exposed to risk.



Breaches of non-compliance might be significantly more destructive to your reputation. A bank or financial institution that aids terrorists and trafficking can be the black tape that seriously affects a business. This can mean losing financial backers and clients.

While financial crimes are often intentional, money laundering through banks and financial institutions is not necessarily intentional on the bank’s part. But where’s the benefit in proving naivety? The prospect of a fine or incarceration should not be the primary motivator for a corporation to keep its compliance records clean.

Consumers and clients expect their banks and other financial organisations to uphold a high ethical standard and demonstrate excellent moral behaviour. The standard for corporate integrity is being continually raised – both by regulatory authorities and the public at large.


How Tookitaki’s Anti Money Laundering Suite Helps

Tookitaki’s award-winning Anti Money Laundering Suite (AMLS) is an end-to-end AML operating system. With its unique features, the self-adaptive machine learning solution helps banks and financial Institutions to build comprehensive risk-based AML compliance programmes.


Resource and Employee Retention

Our automated Smart Alert Management (SAM) system triages alerts accurately into three risk silos so AML analysts and investigators can concentrate on mid- to high-risk cases requiring action, potentially leading to Suspicious Transaction Reports (STRs) or Suspicious Activity Reports (SARs). Our explainable AI Framework provides transparency into how the machine learning (ML) engine’s algorithms operate and generates an audit trail of automated decision-making.

This means a less overworked, happier and more motivated workforce.


Long Deployment Times

We provide ready-to-deploy typologies out of the box, thereby reducing deployment time. In case of rules-based solutions, rules need to be tested extensively. This is extremely consuming. Our Typology repository helps to either choose from an existing ecosystem or use the no code (drag and drop) typology developer.  Also, integration with existing upstream and downstream systems is easier with connectors and REST APIs.

When you want to add a new set of data however, we don’t have deployment times at all. Our software evolves itself via machine learning.

Our Typology Repository (Hub) and Network Science Analytics underpin our functions. The Typology Repository collates intelligence from across the globe on new ML techniques, fed to us through our AML expert partners. Once a new typology is identified, our technology integrates it with a single click.

Through automation, our machine learning engine ensures AML applications are constantly evolving to keep pace with new ML techniques and regulatory requirements.

Our Smart Alert Management module, equipped with a risk indicator creation engine, enables you to have an automated process for alert prioritisation. We have standard data schema mapping with major legacy vendors which makes integration simpler and faster.


Fines and Brand Reputation

A savvier compliance software means less risk for compliance fails and thus less risk for loss of brand reputation.

Most traditional brands aim to reduce your number of false positives, which is sweeping the real problem under the rug. We fix the problem of false positives at the root of the problem.

We don’t use a static rules-based approach. We understand financial crime patterns better than anyone else. AMLS is equipped with a one-of-a-kind Typology Repository that collates intelligence on new financial crime techniques from our AML expert partners across the globe.

We integrate new money laundering patterns into machine learning models with a single click and bolster your compliance programmes with several thousands of risk indicators.

We develop protocols for financial crime trends without waiting for new regulatory requirements making sure your compliance programme is always ahead.


Want to find out more about a comprehensive solution that can save your business money?

To discuss how your business can benefit contact Tookitaki today. Our team of experts are on hand to discuss the ins and outs of the process – and answer all your questions.

Request a Demo Banner (1)-1