With financial crime evolving faster than ever, Tookitaki’s FinCense, powered by Agentic AI, is setting new standards in compliance and fraud prevention.

Introduction

Financial crime is no longer a problem that banks and fintechs can solve with static rules or legacy systems. Criminals are constantly innovating, exploiting new technologies and real-time payment systems like the New Payments Platform (NPP) in Australia to move funds instantly. Compliance teams are under pressure from both regulators and customers to keep pace.

This is where FinCense – Agentic AI comes in. Tookitaki’s FinCense is a next-generation compliance platform that uses Agentic AI to detect, prevent, and investigate financial crime. It is not just a tool but a trust layer that helps institutions stay one step ahead of both criminals and regulators.

What is FinCense?

FinCense is Tookitaki’s end-to-end compliance platform that integrates anti-money laundering (AML) and fraud prevention into a single ecosystem. It offers capabilities across:

• Real-time transaction monitoring
• KYC and customer due diligence (CDD)
• Sanctions and PEP screening
• Case management and investigations
• Regulatory reporting aligned with AUSTRAC
• AI-powered detection and prevention of evolving threats

Unlike legacy systems that operate in silos, FinCense provides a unified view across channels, customers, and transactions.

What is Agentic AI?

Agentic AI refers to AI models designed to operate as intelligent agents, performing specialised tasks within a broader compliance workflow. Instead of acting as a “black box,” Agentic AI is transparent, explainable, and adaptive.

In the context of FinCense, Agentic AI powers:

• Dynamic Risk Detection: Identifies both known and unknown typologies.
• False Positive Reduction: Filters out noise to save investigators time.
• Scenario Adaptation: Learns from investigator feedback and updates automatically.
• Investigation Support: Through AI copilots that summarise cases and recommend actions.

Agentic AI makes compliance smarter, faster, and more efficient.

Why FinCense with Agentic AI Matters for Australia

1. NPP and Real-Time Payments

The NPP has revolutionised banking in Australia but also introduced risks. Criminals exploit its speed to layer funds rapidly. FinCense provides millisecond-level monitoring, powered by Agentic AI, to detect suspicious transactions before they move beyond reach.

2. AUSTRAC’s Rising Standards

AUSTRAC expects institutions to prove that their compliance systems are effective. FinCense’s transparent, explainable AI ensures every alert can be justified to regulators.

3. Evolving Typologies

From mule networks to deepfake impersonation scams, typologies are shifting fast. FinCense leverages federated intelligence from the AFC Ecosystem, bringing in real-world scenarios to strengthen detection.

4. Efficiency and Cost Pressure

Compliance costs are rising across the industry. FinCense reduces operational costs by minimising false positives and automating reporting.

Key Features of FinCense – Agentic AI

1. Real-Time Transaction Monitoring

Detects anomalies across bank transfers, cards, wallets, remittance corridors, and crypto transactions.

2. Agentic AI Detection Models

Learns continuously from new fraud and laundering cases, adapting without manual reconfiguration.

3. Federated Learning

Through the AFC Ecosystem, FinCense accesses anonymised scenarios from global AML and fraud experts, strengthening its ability to catch emerging risks.

4. FinMate AI Copilot

Acts as an investigator assistant, summarising alerts, suggesting next steps, and drafting regulator-ready narratives.

5. End-to-End Compliance

Covers onboarding, monitoring, investigations, and AUSTRAC reporting in one system.

6. Explainable Alerts

Generates clear reason codes for each alert, ensuring transparency for compliance teams and regulators.

Case Example: Community-Owned Banks Using Advanced AI

Community-owned banks like Regional Australia Bank and Beyond Bank are showing how even mid-sized institutions can lead in compliance innovation. By adopting advanced platforms like FinCense, these banks are:

• Detecting mule networks in real time.
• Reducing false positives and compliance costs.
• Building trust through stronger AUSTRAC alignment.
• Enhancing customer experience by balancing security and convenience.

Their example demonstrates that cutting-edge compliance is achievable beyond Tier-1 banks.

How FinCense with Agentic AI Outperforms Legacy Systems

Legacy monitoring tools:

• Depend heavily on static rules.
• Generate overwhelming false positives.
• Require manual updates to address new threats.

FinCense – Agentic AI:

• Detects anomalies in real time.
• Reduces false positives with adaptive intelligence.
• Learns from every case, constantly improving.
• Supports investigators with natural language summaries and recommendations.

Regulatory Alignment with AUSTRAC

FinCense ensures institutions meet all AUSTRAC requirements under the AML/CTF Act:

• Suspicious Matter Reports (SMRs): Auto-generated with detailed reasoning.
• Threshold Transaction Reports (TTRs): Built-in reporting capability.
• Audit Trails: Transparent logs for regulator inspections.
• Risk-Based Approach: Dynamic customer risk scoring integrated into workflows.

The Future of FinCense – Agentic AI in Australia

1. Deeper Integration with PayTo

As PayTo expands under the NPP, FinCense will play a critical role in addressing new fraud risks.

2. Countering Deepfake Scams

Agentic AI models will evolve to detect synthetic voice and video scams targeting both individuals and corporates.

3. Cross-Border Intelligence

Australia’s financial links to Asia-Pacific require closer collaboration with regulators and institutions across the region.

4. AI-First Compliance Teams

Future compliance functions will rely on AI copilots like FinMate to manage the bulk of investigation workflows.

Benefits of FinCense – Agentic AI for Australian Institutions

• Proactive Risk Management: Stay ahead of evolving typologies.
• Operational Efficiency: Reduce investigator workload and compliance costs.
• Customer Trust: Protect consumers without creating friction.
• Regulatory Confidence: Provide AUSTRAC with transparent, explainable reports.
• Scalability: Works for both Tier-1 banks and mid-sized community banks.

Conclusion

Australia’s financial sector is entering an era where compliance is measured not only by processes but also by outcomes. Criminals are faster, scams are more complex, and regulators are more demanding. Legacy systems cannot meet these challenges.

FinCense – Agentic AI provides a smarter, faster, and more transparent approach to financial crime prevention. By combining real-time monitoring, adaptive AI, federated intelligence, and investigator support, it gives Australian institutions the tools they need to protect customers and meet AUSTRAC’s expectations.

Community-owned banks like Regional Australia Bank and Beyond Bank are already proving that adoption of advanced compliance platforms is possible for institutions of all sizes.

Pro tip: When evaluating compliance platforms, prioritise those that combine real-time detection, AI adaptability, and regulator-ready transparency. These are the essentials for resilience in the NPP era.

When regulators demand stronger controls, the right AML software names matter more than ever.

Why AML Software Names Matter in Malaysia

In Malaysia’s fast-evolving financial ecosystem, the right AML software isn’t just a back-office tool — it’s the frontline defence against increasingly sophisticated money laundering and financial crime threats.

From money mule networks and cross-border scams to fraudsters exploiting instant payment systems, financial institutions face mounting pressure from both regulators and customers to act decisively. Bank Negara Malaysia (BNM) has made clear that robust AML/CFT frameworks are non-negotiable, aligning Malaysia with global standards under the Financial Action Task Force (FATF).

Against this backdrop, knowing the AML software names that set the industry benchmark can help banks and fintechs make informed decisions. After all, the wrong system can leave dangerous blind spots — while the right one can build trust, reduce compliance costs, and future-proof operations.

The Malaysian AML Landscape

Malaysia is a rising financial hub in Southeast Asia, but with opportunity comes risk. The country’s financial sector is exposed to:

• Mule accounts — often recruited among students, gig workers, or the elderly.
• Cross-border laundering — syndicates using remittance and trade channels to move illicit funds.
• Scams powered by social engineering and deepfakes — draining consumer savings and damaging trust.
• Digital finance growth — with e-wallets and QR payments expanding rapidly, transaction volumes are skyrocketing.

BNM has responded with rigorous enforcement. Institutions that fail to implement effective monitoring systems risk fines, reputational damage, and in severe cases, suspension of operations.

In this climate, choosing the right AML software name is a strategic priority.

Why AML Software Is Essential

For Malaysian banks and fintechs, AML software does more than ensure compliance. It:

• Protects consumers from fraud and scams
• Builds trust with regulators and international partners
• Reduces compliance costs through automation
• Detects risks in real-time, before damage occurs

Manual monitoring is simply no match for today’s high-volume, high-speed financial environment. Only advanced AML software can provide the scale, accuracy, and adaptability required.

What Defines a Leading AML Software?

Not all AML software names are equal. An industry-leading solution is defined by:

1. AI-Driven Intelligence
   • Ability to detect emerging typologies beyond static rules.
2. Explainability
   • Transparent decision-making regulators can audit.
3. Scalability
   • Seamlessly handling growing transaction volumes.
4. Integration Across AML and Fraud
   • Unified monitoring instead of siloed systems.
5. Regional Relevance
   • Tailored to local risks, such as cross-border mule flows or QR code exploitation in Malaysia.

AML Software Names: The Industry Landscape

Globally, several AML software providers are recognised for serving large financial institutions. While these platforms often deliver strong capabilities, they are typically complex, costly, and designed for Tier 1 global banks.

For Malaysia, where financial institutions must balance compliance rigour with operational efficiency, these global systems can be less adaptable. What is truly needed is software that combines:

• Global-grade sophistication
• Explainability regulators can trust
• Regional typologies tailored to ASEAN realities

This is where next-generation AML software names like Tookitaki’s FinCense stand apart.

Why Tookitaki’s FinCense Belongs Among the Industry-Leading Names

Among the names in the AML software space, Tookitaki’s FinCense has established itself as a standout — particularly for banks and fintechs in Malaysia and ASEAN.

Here’s why:

1. Agentic AI Workflows

FinCense uses Agentic AI, where AI agents don’t just monitor transactions but also:

• Prioritise alerts automatically
• Generate regulator-ready investigation narratives
• Recommend next actions to compliance officers

This transforms compliance teams from reactive reviewers to proactive decision-makers.

2. Federated Learning: Intelligence Beyond Borders

Through the AFC Ecosystem, FinCense taps into shared typologies and scenarios contributed by 200+ institutions across APAC. For Malaysia, this means early warning signals for scams or laundering patterns first seen in neighbouring markets.

3. End-to-End Coverage

FinCense eliminates the need for multiple tools by integrating:

• AML transaction monitoring
• Fraud detection
• Name screening
• Case management and disposition

This single view of risk reduces costs and eliminates blind spots.

4. Explainability and Governance

Aligned with principles like Singapore’s AI Verify, FinCense ensures every flagged transaction is fully auditable and regulator-friendly — critical under BNM’s oversight.

5. ASEAN Market Fit

FinCense is tailored to ASEAN realities: high remittance flows, QR payments, and evolving scam typologies. This localisation gives it an edge over one-size-fits-all global systems.

Impact for Malaysian Banks and Fintechs

Choosing FinCense as the AML software of choice offers clear benefits:

• Reduced Compliance Costs — automation and lower false positives free up resources.
• Faster Detection — protecting customers from scams and fraud before damage occurs.
• Enhanced Regulator Relationships — explainability ensures smooth audits and inspections.
• Competitive Advantage — demonstrating world-class compliance builds trust with international partners.

In short, FinCense is not just an AML software name — it is a Trust Layer for Malaysia’s financial ecosystem.

The Future of AML Software in Malaysia

Financial crime in Malaysia is not slowing down. With the rise of instant payments, open banking, and AI-powered scams, the demands on compliance systems will only grow.

The future belongs to AML software names that can:

• Adapt in real time
• Collaborate across borders
• Maintain regulator trust
• Protect consumers at scale

Tookitaki’s FinCense embodies this future — making it the industry-leading AML software name to know in Malaysia.

Fraud losses are soaring in Australia, but advanced fraud prevention and detection systems are helping banks fight back.

Introduction

Fraud is not only a financial risk for Australian banks and fintechs. It is a reputational and regulatory risk that can define whether institutions thrive or falter in a competitive marketplace. In 2024 alone, Australians lost more than AUD 3 billion to scams, according to Scamwatch, with much of the money flowing through bank accounts.

To respond to this challenge, banks and payment providers are investing heavily in fraud prevention detection technologies. These systems allow institutions to identify suspicious activity in real time, prevent losses, and protect customer trust. This blog explores what fraud prevention and detection means in the Australian context, how it works, and what banks should consider when implementing or upgrading their defences.

What is Fraud Prevention and Detection?

Fraud prevention and detection refers to the use of tools and processes that identify fraudulent activity before or during a transaction. Unlike traditional fraud monitoring, which may catch fraud after the fact, prevention detection systems aim to stop fraud in its tracks.

These systems analyse customer behaviour, transaction patterns, device data, and external intelligence to flag anomalies in real time. They then decide whether to approve, block, or escalate transactions for further review.

Why Fraud Prevention and Detection is Crucial in Australia

1. Instant Payments, Instant Risks

The New Payments Platform (NPP) enables payments to settle in seconds. While this has made banking more convenient, it has also given fraudsters the ability to move stolen funds instantly, often beyond recovery.

2. Scam Epidemic

Australians are increasingly falling victim to scams such as romance fraud, investment schemes, and business email compromise. Many involve authorised push payments, where the customer initiates the transaction under false pretences.

3. Cross-Border Crime

Australia’s financial ties to Southeast Asia expose it to international laundering and fraud risks. Criminals exploit remittance corridors, e-wallets, and even crypto exchanges to move illicit funds.

4. Regulatory Pressure

AUSTRAC and ASIC expect banks to implement effective fraud prevention frameworks. Institutions that fail to prevent scams face penalties and reputational fallout.

Core Features of Fraud Prevention and Detection Systems

1. Real-Time Monitoring

Transactions are analysed as they occur, with suspicious activity flagged instantly. This is essential for NPP and other instant payment rails.

2. AI and Machine Learning

Adaptive models learn from new fraud patterns, reducing false positives and catching unknown typologies.

3. Behavioural Analytics

By monitoring how customers interact with banking apps, systems can detect anomalies such as unusual typing speeds or device changes.

4. Device and Location Fingerprinting

Detects logins or transactions from unrecognised devices or unusual locations.

5. Case Management Integration

Alerts are routed directly into investigation platforms, enabling faster decisions.

6. Regulatory Compliance Tools

In-built functionality for suspicious matter reporting (SMRs) and audit trails ensures alignment with AUSTRAC requirements.

Types of Fraud Detected by These Systems

Account Takeover (ATO)

Criminals gain access to accounts through phishing, malware, or social engineering, then move funds quickly.

Authorised Push Payment (APP) Fraud

Victims are tricked into transferring money themselves. Prevention systems analyse behavioural cues and transaction context to detect unusual activity.

Card Fraud

Stolen card details used in online purchases or ATM withdrawals.

Mule Account Activity

Rapid inflows and outflows with minimal balance retention signal accounts being used as conduits for illicit funds.

Synthetic Identity Fraud

Fraudsters use fabricated identities to open accounts and exploit onboarding processes.

Crypto Laundering

Funds converted into digital assets to obscure origins, often routed through high-risk wallets.

Red Flags in Fraud Prevention and Detection

• Unusual transaction timing, such as high-value payments at night.
• Sudden changes in device or login behaviour.
• Rapid multiple transactions to different beneficiaries.
• Transfers to newly created or foreign accounts.
• Beneficiary details inconsistent with customer history.
• Customers reluctant to provide verification or documentation.

Best Practices for Implementing Fraud Prevention and Detection

1. Adopt Real-Time Capabilities: Ensure systems can monitor transactions instantly.
2. Leverage AI: Invest in adaptive models that can reduce false positives and evolve with new threats.
3. Integrate Across Channels: Cover bank transfers, cards, wallets, and crypto under one view.
4. Prioritise Explainability: Use transparent AI that generates regulator-ready reason codes.
5. Collaborate Across Industry: Share fraud typologies through trusted networks to stop scams faster.
6. Balance Security and Customer Experience: Ensure fraud checks do not frustrate customers with excessive friction.

Challenges Facing Australian Banks

• False Positives: Traditional systems flag too many legitimate transactions, wasting investigator resources.
• Integration Costs: Older banks may struggle to connect legacy systems with new fraud platforms.
• Skills Shortage: A limited pool of AML and fraud investigators increases pressure on compliance teams.
• Evolving Typologies: Fraudsters innovate constantly, from deepfakes to synthetic identities.

Case Example: Community-Owned Banks Taking Action

Community-owned banks such as Regional Australia Bank and Beyond Bank are demonstrating how even mid-sized institutions can deploy advanced fraud prevention detection systems. By adopting modern compliance platforms, they are reducing false positives, catching mule networks in real time, and maintaining regulator-ready audit trails. Their efforts prove that innovation in fraud prevention is not limited to Tier-1 banks.

Spotlight: Tookitaki’s FinCense

FinCense, Tookitaki’s compliance platform, offers an advanced approach to fraud prevention and detection:

• Real-Time Monitoring: Detects suspicious activity across NPP and cross-border corridors in milliseconds.
• Agentic AI: Learns from evolving fraud patterns to minimise false positives.
• Federated Intelligence: Shares insights from the AFC Ecosystem, a global network of AML and fraud experts.
• FinMate AI Copilot: Assists investigators with summaries, recommended actions, and regulator-ready reporting.
• AUSTRAC Compliance: Generates SMRs and maintains detailed audit trails.
• Cross-Channel Protection: Covers banking, cards, wallets, remittance, and crypto from one platform.

With FinCense, Australian institutions can prevent fraud effectively while reducing operational costs and strengthening customer trust.

The Future of Fraud Prevention and Detection in Australia

1. PayTo Expansion

As NPP overlay services like PayTo expand, new fraud typologies will emerge. Systems must adapt quickly.

2. Deepfake Scams

Voice and video impersonation fraud will challenge traditional detection systems. Advanced AI countermeasures will be needed.

3. Shared Intelligence Models

Industry collaboration through federated networks will become standard, enabling collective defences against scams.

4. Automation of Investigations

AI copilots will increasingly handle repetitive investigation tasks, freeing human analysts for complex cases.

5. Customer-Centric Compliance

Balancing security with seamless customer experiences will remain a competitive differentiator.

Conclusion

Fraud prevention and detection is no longer just an add-on feature for banks. In Australia’s real-time payment environment, it is a necessity. The institutions that succeed will be those that adopt advanced, AI-powered systems capable of adapting to evolving threats while satisfying regulatory expectations.

Community-owned banks like Regional Australia Bank and Beyond Bank show that with the right technology, even mid-sized institutions can excel in fraud prevention and detection.

Pro tip: When evaluating solutions, prioritise real-time monitoring, adaptive intelligence, and regulator-ready transparency. These are the essentials for resilience in a world where fraud happens at the speed of a click.