Rewriting the Rules of AML Compliance: Tookitaki Named Best Regtech

3 mins

In a world where financial crime can siphon off an estimated 2-5% of global GDP, Tookitaki emerges as a beacon of innovation. It has won the Global Fintech Awards 2023 in the Best Regtech Startup category, underscoring the strategic importance of its offerings.

The win was announced on September 5, 2023, at a gala ceremony at the Jio World Centre, Mumbai. Instituted under the Global Fintech Fest 2023 (GFF 2023), the Global Fintech Awards recognise and celebrate outstanding accomplishments of individuals and entities in the fintech ecosystem around the globe. The awards were given in three categories, divided into 15 subcategories.

Breaking Down the Innovation

At the heart of Tookitaki's mission lies the vision to build safer societies by transforming the way financial institutions combat money laundering. Its unique AFC Ecosystem brings together industry experts to tackle financial crime collaboratively. With a typology-based approach that replaces outdated rules, this platform facilitates intuitive and scalable solutions. Typology Design Studio, a drag-and-drop interface, allows users to easily create new typologies.

The Federated Insights Card ensures secure information sharing, while the Federated Knowledge Base serves as a treasure trove of typologies. This community-driven model offers multifold benefits: breaking down silos, providing exhaustive AML risk coverage, enhancing scalability, and slashing time-to-market by 50%-60%. Furthermore, it unlocks hidden risks and fosters collaboration within the industry.

The Power of AMLS Transaction Monitoring

Tookitaki's AMLS Transaction Monitoring system seamlessly integrates with the AFC Ecosystem, leveraging a community-driven compliance model. Powered by federated learning, it ensures financial institutions always stay ahead of money laundering scenarios. Key features include the AML Grammar Parser, automated threshold tuning, automated scenario testing, and a powerful detection engine. This innovative system leads to a faster time to market, a significant reduction in threshold tuning effort, improved detection accuracy, and reduced false positives. Ultimately, it slashes the total cost of ownership for AML compliance.

Meeting Regulatory Challenges with Ease

Tookitaki's solution helps financial institutions respond effectively to evolving regulatory requirements. With the AFC Ecosystem, it creates an industry-wide community of financial crime experts, facilitating the sharing of regulatory changes and emerging threats. The AMLS Transaction Monitoring system seamlessly incorporates these changes, reducing the time to comply by 50%-60%. This agility is critical in an era of fast-changing regulations.

Boosting Efficiencies and Business Agility

Tookitaki's solution democratizes financial crime insights, making them accessible to anyone. It enhances scalability, supports cost-effectiveness, and empowers financial institutions to launch new products and enter new markets effortlessly. With access to a vast repository of typologies, a no-code Typology Design Studio, and flexible typology management, it offers a competitive edge in an ever-evolving industry. Moreover, it reduces manual effort, improves detection accuracy, and streamlines the compliance process.

Scalability and Consistency

Designed for scalability, Tookitaki's solutions are tailored to serve a large number of customers and geographies consistently. Its decentralized, federated learning model makes typologies accessible globally. Multiple deployment models and integration options ensure a seamless experience. The system also supports typologies across the globe and GoAML-compliant reporting in approximately 60 countries. The self-learning mechanism further reduces the maintenance effort, making it a truly global solution.

Tookitaki's victory at the Global Fintech Awards 2023 is not just a recognition of its innovative solutions but also a testament to its dedication to creating a safer, compliant, and efficient financial landscape.