Blog

How Tookitaki AML Solutions Help Philippine E-Wallets Meet Regulations

Site Logo
Tookitaki
20 April 2023
read
7 min

The Philippines has seen a significant surge in the adoption of e-wallets in recent years, driven by increasing smartphone penetration, a growing internet user base, and the demand for convenient digital financial services. In 2017, the number of registered e-wallet accounts in the country was almost 9 million, and by 2020, mobile wallet usage had become three times higher. By 2025, it is expected that the number of e-wallet users will rise to 75.5 million.

E-wallets are transforming the way people in the Philippines make transactions, providing a fast and secure alternative to traditional cash-based payments. This has led to the emergence of numerous e-wallet providers, fueling competition and innovation in the market.

To ensure the safety and security of e-wallet users and maintain the financial system's integrity, the Bangko Sentral ng Pilipinas (BSP) has introduced specific regulations for e-wallet providers under the Electronic Money Institution (EMI) License. These regulations aim to safeguard consumers and mitigate the risks associated with money laundering and terrorist financing. E-wallet providers must comply with these guidelines to obtain and maintain their EMI licenses and operate legally within the country.

Tookitaki's Anti-Money Laundering Suite (AML) solutions can play a vital role in helping e-wallet providers comply with the regulatory requirements under the EMI License in the Philippines. By leveraging advanced technologies and a unique community-based approach, Tookitaki enables e-wallet providers to manage their AML compliance programs effectively. Let's discuss how.

AML Requirements for E-Wallets under the EMI License in the Philippines

AML Requirements for E-Wallets under the EMI License in the Philippines include the following:

A. Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)

Under the EMI License regulations, e-wallet providers must perform Customer Due Diligence (CDD) on all customers before establishing a business relationship or conducting transactions. CDD involves collecting and verifying customers' identification information, understanding the nature of their business, and determining their risk profile.

{{cta-guide}}


In certain high-risk scenarios, e-wallet providers must conduct Enhanced Due Diligence (EDD) to scrutinize customers and their transactions further. This may involve obtaining additional identification information, verifying the source of funds, and closely monitoring the customer's transaction patterns.

B. Transaction monitoring and reporting

E-wallet providers must implement robust transaction monitoring systems to identify suspicious activities and transactions that may be indicative of money laundering or terrorist financing. This involves setting up appropriate risk-based thresholds and monitoring customer transactions.

E-wallet providers must also report suspicious transactions to the Anti-Money Laundering Council (AMLC) within the stipulated timeframe. Additionally, they must submit covered transaction reports for transactions that meet or exceed the threshold set by the AMLC.

C. Risk assessment and management

E-wallet providers must conduct regular risk assessments to identify, evaluate, and mitigate the risks associated with money laundering and terrorist financing. This involves considering various factors such as customer profiles, products and services offered, delivery channels, and geographic locations. Based on the risk assessment findings, e-wallet providers should develop and implement appropriate risk management measures for achieving holistic risk coverage.

D. Record-keeping

E-wallet providers must maintain comprehensive records of customer identification documents, transaction details, and other relevant information for at least five years. These records must be readily available for inspection by the BSP or AMLC upon request.

E. Compliance program and training

E-wallet providers must establish a comprehensive AML compliance program that includes appointing a Compliance Officer, developing internal policies and procedures, and regular employee training. The compliance program should be tailored to the specific risks faced by the e-wallet provider and be regularly reviewed and updated to ensure its effectiveness.

By adhering to these AML requirements, e-wallet providers can demonstrate their commitment to maintaining a secure and compliant environment, ultimately contributing to the integrity of the Philippines' financial ecosystem.

An Overview of Tookitaki's AML Compliance Offerings

Tookitaki is a pioneer in the fight against financial crime, leveraging a unique and innovative approach that transcends traditional solutions. The company's Anti-Money Laundering Suite (AMLS) and Anti-Financial Crime (AFC) Ecosystem work in tandem to address the limitations of siloed systems in combating money laundering. The AFC Ecosystem is a community-based platform that facilitates sharing of information and best practices in the battle against financial crime. Powering this ecosystem is the Typology Repository, a living database of money laundering techniques and schemes. This repository is enriched by the collective experiences and knowledge of financial institutions, regulatory bodies, and risk consultants worldwide, encompassing a broad range of typologies from traditional methods to emerging trends.

The AMLS is a software solution deployed at financial institutions. It is an end-to-end operating system that modernises compliance processes for banks and fintechs. The AMLS collaborates with the AFC Ecosystem through federated machine learning. This integration allows the AMLS to extract new typologies from the AFC Ecosystem, executing them at the clients' end to ensure that their AML programs remain cutting-edge.

Tookitaki AMLS and AFC Ecosystem



Tookitaki's Anti-Money Laundering Suite (AMLS) and Anti-Financial Crime (AFC) Ecosystem are designed to help e-wallet providers and other financial institutions comply with AML regulations, minimize financial crime risks, and improve their operational efficiency. By leveraging advanced technologies and a community-based approach, Tookitaki's solutions can effectively detect and prevent suspicious activities while streamlining compliance processes.

By implementing Tookitaki's AML solutions, e-wallet providers can stay ahead of regulatory changes, mitigate risks, and focus on their core business operations, ultimately contributing to a safer and more secure financial ecosystem in the Philippines.

AMLS Modules

Tookitaki's AMLS consists of several modules that address specific AML compliance requirements, including:

  • Transaction Monitoring: The Transaction Monitoring module is designed to detect suspicious patterns of financial transactions that may indicate money laundering or other financial crimes. It utilises powerful simulation modes for automated threshold tuning, allowing AML teams to focus on the most relevant alerts and improve their efficiency. The module also includes a built-in sandbox environment, which allows financial institutions to test and deploy new typologies in a matter of minutes.
  • Smart Screening: The Smart Screening module screens prospects, customers and counterparties to detect potential matches against sanctions lists, PEPs, and other watchlists. It includes 50+ name-matching techniques and supports multiple attributes such as name, address, gender, date of birth, and date of incorporation. It covers 20+ languages and ten different scripts and includes a built-in transliteration engine for effective cross-lingual matching. This module is highly configurable, allowing it to be tailored to the specific needs of each financial institution.
  • Dynamic Risk Scoring: The Customer Risk Scoring solution is a flexible and scalable prospect and customer risk ranking program that adapts to changing customer behaviour and compliance requirements. Powered by advanced machine learning, this module creates a dynamic, 360-degree risk profile of customers.
  • Case Manager: The Case Manager provides compliance teams with the platform to collaborate on cases and work seamlessly across teams. It comes with a host of automation built to empower investigations and regulatory reporting. Financial institutions can configure the Case Manager to automate processes such as case creation, allocation, data gathering, and so on, allowing investigators to become more effective.

Benefits of AMLS and AFC Ecosystem

By making use of Tookitaki's AMLS and AFC Ecosystem, e-wallet providers in the Philippines can benefit from the following:

  • Comprehensive Typology Repository: By fostering collaboration between financial institutions, regulatory bodies, and risk consultants, Tookitaki's AFC Ecosystem creates a collective knowledge base through the Typology Repository. This living database contains up-to-date money laundering techniques and schemes, which enables financial institutions to stay informed about emerging trends and threats.
  • Enhanced Detection Accuracy: Financial institutions can better identify suspicious activities and potential money laundering risks with access to the latest typologies and schemes. This leads to improved detection accuracy and a more robust AML program.
  • Reduction in False Alerts: Tookitaki's innovative technology, combined with the insights from the AFC Ecosystem, helps to minimize false positives. By accurately identifying suspicious activities, financial institutions can focus their resources on high-risk cases and reduce the operational burden of false alerts.
  • Adaptive Learning: Federated machine learning enables Tookitaki's AMLS to continuously learn from the AFC Ecosystem, ensuring that the AML program remains adaptive and up-to-date with the latest trends and regulatory changes.
  • Streamlined Compliance Processes: Tookitaki's AMLS modernizes compliance processes, making them more efficient and effective. This results in faster response times and allows financial institutions to maintain compliance with evolving regulations.
  • Improved Collaboration: The community-based approach encourages knowledge sharing and best practices among financial institutions, regulatory bodies, and risk consultants, fostering a cooperative environment in the fight against financial crime.

How Tookitaki's AML Solutions Address the EMI License Requirements

Tookitaki's advanced features enable e-wallet providers to manage compliance effectively, mitigate risks, and maintain operational efficiency. The AMLS ensures robust Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) processes with its Smart Screening and Dynamic Risk Scoring modules, ensuring that e-wallet providers comply with their regulatory obligations. By conducting thorough screening on customers and monitoring their ongoing risk profiles, the AMLS helps e-wallet providers identify potential high-risk customers and manage their risk exposure more effectively.

The Transaction Monitoring module, powered by the Typology Repository, analyzes customer transactions, identifies unusual patterns, and generates alerts for potentially suspicious transactions. This enables e-wallet providers to detect and prevent money laundering and terrorist financing activities more effectively. 

The Dynamic Risk Scoring module helps e-wallet providers evaluate their overall AML risk exposure, identify potential vulnerabilities, and implement effective risk mitigation measures. By continuously monitoring and assessing risk factors, the AMLS enables e-wallet providers to adapt their risk management strategies as needed, ensuring ongoing compliance and reducing the likelihood of regulatory penalties.

Furthermore, Tookitaki's Case Manager simplifies the reporting process, making it easier for e-wallet providers to submit timely and accurate reports to regulatory authorities. Tookitaki also assists e-wallet providers in maintaining accurate and up-to-date records of customer information, transactions, and risk assessments, as required by the EMI License regulations. By providing comprehensive tools and resources, Tookitaki's AMLS helps e-wallet providers ensure that their compliance programs are effective, efficient, and in line with regulatory requirements.

The Future of AML Compliance for E-Wallets in the Philippines

As e-wallets continue to grow in popularity, it is crucial for these providers to have robust AML solutions in place to meet the regulatory requirements under the Electronic Money Institution (EMI) License in the Philippines. Implementing effective AML compliance measures helps e-wallets avoid potential penalties and contributes to a safer and more transparent financial ecosystem. Tookitaki's comprehensive AML platforms, the AMLS and the AFC Ecosystem, have been designed to help e-wallet providers meet their regulatory obligations effectively. They empower e-wallets to streamline their compliance processes, manage risks, and maintain operational efficiency.

We encourage interested parties to book a demo to fully understand the benefits of Tookitaki's AML solutions and how they can help e-wallet providers achieve compliance and mitigate risks. By experiencing Tookitaki's offerings firsthand, e-wallet providers can gain valuable insights into how these solutions can transform their compliance processes, reduce risks, and contribute to the success of their business in the rapidly evolving digital payments landscape.


By submitting the form, you agree that your personal data will be processed to provide the requested content (and for the purposes you agreed to above) in accordance with the Privacy Notice

success icon

We’ve received your details and our team will be in touch shortly.

In the meantime, explore how Tookitaki is transforming financial crime prevention.
Learn More About Us
Oops! Something went wrong while submitting the form.

Ready to Streamline Your Anti-Financial Crime Compliance?

Our Thought Leadership Guides

Blogs
30 Jul 2025
5 min
read

Cracking Down Under: How Australia Is Fighting Back Against Fraud

Fraud in Australia has moved beyond stolen credit cards, today’s threats are smarter, faster, and often one step ahead.

Australia is facing a new wave of financial fraud—complex scams, cyber-enabled deception, and social engineering techniques that prey on trust. From sophisticated investment frauds to deepfake impersonations, criminals are evolving rapidly. And so must our fraud prevention strategies.

This blog explores how fraud is impacting Australia, what new methods criminals are using, and how financial institutions, businesses, and individuals can stay ahead of the game. Whether you're in compliance, fintech, banking, or just a concerned citizen, fraud prevention is everyone’s business.

The Fraud Landscape in Australia: A Wake-Up Call

In 2024 alone, Australians lost over AUD 2.7 billion to scams, according to data from the Australian Competition and Consumer Commission (ACCC). The Scamwatch program reported an alarming rise in phishing, investment scams, identity theft, and fake billing.

A few alarming trends:

  • Investment scams accounted for over AUD 1.3 billion in losses.
  • Business email compromise (BEC) and invoice fraud targeted SMEs.
  • Romance and remote access scams exploited personal vulnerability.
  • Deepfake scams and AI-generated impersonations are on the rise, particularly targeting executives and finance teams.

The fraud threat has gone digital, cross-border, and real-time. Traditional controls alone are no longer enough.

Talk to an Expert

Why Fraud Prevention Is a National Priority

Fraud isn't just a financial issue—it’s a matter of public trust. When scams go undetected, victims don’t just lose money—they lose faith in financial institutions, government systems, and digital innovation.

Here’s why fraud prevention is now top of mind in Australia:

  • Real-time payments mean real-time risks: With the rise of the New Payments Platform (NPP), funds can move across banks instantly. This has increased the urgency to detect and prevent fraud in milliseconds—not days.
  • Rise in money mule networks: Criminal groups are exploiting students, gig workers, and the elderly to launder stolen funds.
  • Increased regulatory pressure: AUSTRAC and ASIC are putting more pressure on institutions to identify and report suspicious activities more proactively.

Common Fraud Techniques Seen in Australia

Understanding how fraud works is the first step to preventing it. Here are some of the most commonly observed fraud techniques:

a) Business Email Compromise (BEC)

Fraudsters impersonate vendors, CEOs, or finance officers to divert funds through fake invoices or urgent payment requests. This is especially dangerous for SMEs.

b) Investment Scams

Fake trading platforms, crypto Ponzi schemes, and fraudulent real estate investments have tricked thousands. Often, these scams use fake celebrity endorsements or “guaranteed returns” to lure victims.

c) Romance and Sextortion Scams

These scams manipulate victims emotionally, often over weeks or months, before asking for money. Some even involve blackmail using fake or stolen intimate content.

d) Deepfake Impersonation

Using AI-generated voice or video, scammers are impersonating real people to initiate fund transfers or manipulate staff into giving away sensitive information.

e) Synthetic Identity Fraud

Criminals use a blend of real and fake information to create a new, ‘clean’ identity that can bypass onboarding checks at banks and fintechs.

20250730_2107_Cybersecurity Precaution Scene_remix_01k1dzk8hwfd4t9rd8mkhzgr1w

Regulatory Push for Smarter Controls

Regulators in Australia are stepping up their efforts:

  • AUSTRAC has introduced updated guidance for transaction monitoring and suspicious matter reporting, pushing institutions to adopt more adaptive, risk-based approaches.
  • ASIC is cracking down on investment scams and calling for platforms to implement stricter identity and payment verification systems.
  • The ACCC’s National Anti-Scam Centre launched a multi-agency initiative to disrupt scam operations through intelligence sharing and faster response times.

But even regulators acknowledge: compliance alone won't stop fraud. Prevention needs smarter tools, better collaboration, and real-time intelligence.

A New Approach: Proactive, AI-Powered Fraud Prevention

The most forward-thinking banks and fintechs in Australia are moving from reactive to proactive fraud prevention. Here's what the shift looks like:

✅ Real-Time Transaction Monitoring

Instead of relying on static rules, modern systems use machine learning to flag suspicious behaviour—like unusual payment patterns, high-risk geographies, or rapid account-to-account transfers.

✅ Behavioural Analytics

Understanding what ‘normal’ looks like for each user helps detect anomalies fast—like a customer suddenly logging in from a new country or making a large transfer outside business hours.

✅ AI Copilots for Investigators

Tools like AI-powered investigation assistants can help analysts triage alerts faster, recommend next steps, and even generate narrative summaries for suspicious activity reports.

✅ Community Intelligence

Fraudsters often reuse tactics across institutions. Platforms like Tookitaki’s AFC Ecosystem allow banks to share anonymised fraud scenarios and red flags—so everyone can learn and defend together.

✅ Federated Learning Models

These models allow banks to collaborate on fraud detection algorithms without sharing customer data—bringing the power of collective intelligence without compromising privacy.

Fraud Prevention Best Practices for Australian Institutions

Whether you're a Tier-1 bank or a growing fintech, these best practices are critical:

  1. Prioritise real-time fraud detection tools that work across payment channels and digital platforms.
  2. Train your teams—fraudsters are exploiting human error more than technical flaws.
  3. Invest in explainable AI to build trust with regulators and internal stakeholders.
  4. Use layered defences: Combine transaction monitoring, device fingerprinting, behavioural analytics, and biometric verification.
  5. Collaborate across the ecosystem—join industry platforms, share intel, and learn from others.

How Tookitaki Supports Fraud Prevention in Australia

Tookitaki is helping Australian institutions stay ahead of fraud by combining advanced AI with collective intelligence. Our FinCense platform offers:

  • End-to-end fraud and AML detection across transactions, customers, and devices.
  • Federated learning that enables risk detection with insights contributed by a global network of financial crime experts.
  • Smart investigation tools to reduce alert fatigue and speed up response times.

The Role of Public Awareness in Prevention

It’s not just institutions—customers play a key role too. Public campaigns like Scamwatch, educational content from banks, and media coverage of fraud trends all contribute to prevention.

Simple actions like verifying sender details, avoiding suspicious links, and reporting scam attempts can go a long way. In the fight against fraud, awareness is the first line of defence.

Conclusion: Staying Ahead in a Smarter Fraud Era

Fraud prevention in Australia can no longer be treated as an afterthought. The threats are too advanced, too fast, and too costly.

With the right mix of technology, collaboration, and education, Australia can stay ahead of financial criminals—and turn the tide in favour of consumers, businesses, and institutions alike.

Whether it’s adopting AI tools, sharing threat insights, or empowering individuals, fraud prevention is no longer optional. It’s the new frontline of trust.

Cracking Down Under: How Australia Is Fighting Back Against Fraud
Blogs
29 Jul 2025
6 min
read

The CEO Wasn’t Real: Inside Singapore’s $499K Deepfake Video Scam

In March 2025, a finance director at a multinational firm in Singapore authorised a US$499,000 payment during what appeared to be a Zoom call with the company’s senior leadership. There was just one problem: none of the people on the call were real.

What seemed like a routine virtual meeting turned out to be a highly orchestrated deepfake scam, where cybercriminals used artificial intelligence to impersonate the company’s Chief Financial Officer and other top executives. The finance director, believing the request was genuine, wired nearly half a million dollars to a fraudulent account.

The incident has sent shockwaves across the financial and corporate world, underscoring the fast-evolving threat of deepfake technology.

Background of the Scam

According to Singapore police reports, the finance executive received a message from someone posing as the company’s UK-based CFO. The message requested an urgent fund transfer to facilitate a confidential acquisition. To build credibility, the fraudster set up a Zoom call — featuring multiple senior executives, all appearing and sounding authentic.

But the entire video call was fabricated using deepfake technology.

These weren’t just stolen profile photos; they were AI-generated likenesses with synced facial movements and realistic voices, mimicking actual executives. The finance director, seeing what seemed like familiar faces and hearing familiar voices, followed through with the transfer.

Only later did the company realise that the actual executives had never been on the call.

What the Case Revealed

This wasn’t just another phishing email or spoofed WhatsApp message. This was next-level digital deception. Here’s what made it chillingly effective:

  • Multi-party deepfake execution – The fraud involved several synthetic identities, all rendered convincingly in real-time to simulate a legitimate boardroom environment.
  • High-level impersonation – Senior figures like the CFO were cloned with accurate visual and vocal characteristics, heightening the illusion of authority and urgency.
  • Deeply contextual manipulation – The scam leveraged business context (e.g. M&A activity, board-level communications) that suggested insider knowledge.

Singapore’s police reported this as one of the most convincing cases of AI-powered impersonation seen to date — and issued a national warning to corporations and finance professionals.

Impact on Financial Institutions and Corporates

While the fraud targeted one company, its implications ripple across the entire financial system:

Deepfake Fatigue and Trust Erosion

When even video calls are no longer trustworthy, confidence in digital communication takes a hit. This undermines both internal decision-making and external client relationships.

CFOs and Finance Teams in the Crosshairs

Finance and treasury teams are prime targets for scams like this. These professionals are expected to act fast, handle large sums, and follow instructions from the top — making them vulnerable to high-pressure frauds.

Breakdown of Traditional Verification

Emails, video calls, and even voice confirmations can be falsified. Without secondary verification protocols, companies remain dangerously exposed.

ChatGPT Image Jul 29, 2025, 02_34_13 PM

Lessons Learned from the Scam

The Singapore deepfake case isn’t an outlier — it’s a glimpse into the future of financial crime. Key takeaways:

  1. Always Verify High-Value Requests
    Especially those involving new accounts or cross-border transfers. A secondary channel of verification — via phone or an encrypted app — is now a must.
  2. Educate Senior Leadership
    Executives need to be aware that their digital identities can be hijacked. Regular briefings on impersonation risks are essential.
  3. Adopt Real-Time Behavioural Monitoring
    Advanced analytics can flag abnormal transaction patterns — even when the request appears “approved” by an authority figure.
  4. Invest in Deepfake Detection Tools
    There are now software solutions that scan video content for artefacts, inconsistencies, or signs of AI manipulation.
  5. Strengthen Internal Protocols
    Critical payment workflows should always require multi-party authorisation, escalation logic, and documented rationale.

The Role of Technology in Prevention

Scams like this are designed to outsmart conventional defences. A new kind of defence is required — one that adapts in real-time and learns from emerging threats.

This is where Tookitaki’s compliance platform, FinCense, plays a vital role.

Powered by the AFC Ecosystem and Agentic AI:

  • Typology-Driven Detection: FinCense continuously updates its detection logic based on real-world scam scenarios contributed by financial crime experts worldwide.
  • AI-Powered Simulation: Institutions can simulate deepfake-driven fraud scenarios to test and refine their internal controls.
  • Federated Learning: Risk signals and red flags from across institutions are shared securely without compromising sensitive data.
  • Smart Case Disposition: Agentic AI reviews and narrates alerts, allowing compliance officers to respond faster and with greater clarity — even in complex scams like this.
Talk to an Expert

Moving Forward: Facing the Synthetic Threat Landscape

Deepfake technology has moved from the realm of novelty to real-world risk. The Singapore incident is a wake-up call for companies across ASEAN and beyond.

When identity can be faked in real-time, and fraudsters learn faster than regulators, the only defence is to stay ahead — with intelligence, collaboration, and next-generation tech.

Because next time, the CEO might not be real, but the money lost will be.

The CEO Wasn’t Real: Inside Singapore’s $499K Deepfake Video Scam
Blogs
28 Jul 2025
6 min
read

The Rising Cost of AML Compliance in Australia: Can Smarter Tools Reduce the Burden?

Anti-Money Laundering (AML) compliance in Australia has never been more critical — or more expensive.

As regulatory scrutiny increases and financial crime becomes more complex, financial institutions are under pressure to spend more time, money, and resources just to keep up.

But is this sustainable? And is there a smarter way to stay compliant without letting costs spiral out of control?

Let’s take a closer look at why compliance costs are rising, what’s at stake for banks and fintechs in Australia, and how modern AML solutions, powered by AI and collaboration, are helping institutions future-proof their compliance programmes.

Talk to an Expert

Why Are AML Compliance Costs Rising in Australia?

Over the past few years, Australia has seen a surge in regulatory activity around financial crime. From high-profile casino investigations to AUSTRAC’s growing enforcement role, the message is clear: AML compliance is non-negotiable.

Here’s what’s driving the rising cost:

1. Tighter Regulatory Expectations

AUSTRAC expects more than just basic transaction monitoring. Institutions must demonstrate proactive risk assessments, tailored customer due diligence (CDD), and robust ongoing monitoring — all supported by detailed documentation and audit trails.

2. More Complex Financial Crime

Criminals are getting smarter. Whether it’s mule networks exploiting instant payments or layering funds across crypto and traditional channels, detecting illicit activity now requires more sophisticated tools and deeper data insights.

3. Manual Workflows and Legacy Systems

Many institutions still rely on outdated systems and siloed processes, which increase the burden on compliance teams and inflate operational costs. Manually reviewing false positives or investigating fragmented alerts takes time — and people.

4. Reputational Risk and Fines

In recent years, enforcement actions have brought AML failures into public view — from Crown and Star casinos to financial institutions under investigation. The reputational damage, legal risk, and remediation costs far outweigh the cost of modernising compliance infrastructure.

Australia skyline-1

What Do Rising AML Costs Look Like on the Ground?

According to industry estimates, large Australian banks are spending hundreds of millions annually on compliance-related activities. Mid-sized banks and fintechs may not face the same scale, but they often carry a disproportionate burden due to leaner teams and tighter budgets.

Here’s where the costs add up:

  • Hiring and retaining skilled AML staff
  • Managing alert fatigue from legacy monitoring systems
  • Frequent audits and remediation exercises
  • Technology upgrades and consultant fees
  • Delays in customer onboarding due to manual CDD reviews

These costs aren’t just financial — they also affect speed, agility, and customer experience.

Can Smarter Tools Reduce the Burden?

The short answer: yes — but only if they’re the right tools.

Smarter AML compliance doesn't mean more tools. It means better tools that are purpose-built for modern financial crime risks. Here's what that looks like:

What Smarter AML Compliance Looks Like

1. Behavioural Transaction Monitoring

Modern systems go beyond rule-based monitoring to detect suspicious patterns based on behaviour. This reduces false positives and increases detection accuracy — freeing up analysts to focus on what matters.

2. Federated Learning and Shared Intelligence

Collaborative platforms enable institutions to share insights and typologies without sharing sensitive data. This reduces blind spots and helps detect new risks earlier — especially in cross-border and real-time payments.

3. Automation and AI Assistants

AI-powered investigation assistants can summarise alerts, prioritise high-risk cases, and auto-generate audit trails — helping compliance teams do more with less.

4. Dynamic Risk Scoring

Instead of static scoring, smarter systems update customer risk profiles in real-time based on behaviour, location, transaction type, and other dynamic inputs.

5. Plug-and-Play Integration

Modern AML solutions should integrate easily with core banking systems, customer onboarding tools, and case management platforms — reducing overhead and ensuring a seamless compliance workflow.

How Tookitaki’s FinCense Is Helping Australian Institutions Stay Ahead

At Tookitaki, we’ve designed FinCense to deliver smarter compliance — not just cheaper, but better.

Built on a modular, federated AI framework, FinCense empowers banks, fintechs, and payment platforms to stay ahead of financial crime risks without overburdening teams or budgets.

With FinCense, institutions get:

  • Up to 72% reduction in false positives
  • 3.5x faster case resolutions
  • Real-time, scenario-based monitoring tailored to local risks
  • Federated typology sharing via the AFC Ecosystem
  • Smart Disposition engine for audit-ready alert summaries

Whether you're dealing with domestic mule activity, complex layering, or regulatory audits — FinCense helps you detect, investigate, and respond with speed, accuracy, and confidence.

The Stakes Are Higher Than Ever

Financial crime is evolving rapidly, and so is the regulatory bar. But throwing more people, more tools, and more money at the problem isn’t the answer.

The future of AML compliance in Australia lies in smarter systems, collaborative intelligence, and scalable solutions that adapt as the threat landscape changes.

Final Thought

Rising AML compliance costs don’t have to mean rising pain.

With the right technology, institutions in Australia can reduce risk, improve efficiency, and build lasting trust with regulators and customers alike.

If you're ready to reduce the cost and complexity of compliance, without compromising on quality — Tookitaki is here to help.

The Rising Cost of AML Compliance in Australia: Can Smarter Tools Reduce the Burden?