Tookitaki Wins 2020 WITSA Digital Innovation Award

Tookitaki has won the 2020 Digital Innovation Award from the World Information Technology and Services Alliance (WITSA) as part of the industry body's Global ICT Excellence Awards. Nominated by Singapore's SGTech, Tookitaki won the recognition for its advanced, machine learning-powered, end-to-end AML/CFT analytics platform that detects, investigates and reports financial crimes, leveraging a comprehensive library of money laundering patterns.

Tookitaki has developed the Anti-Money Laundering Suite (AMLS), which combines the efficiency gains and effectiveness of Artificial Intelligence, to address today's daunting financial crime challenges. It is the first AI-based end-to-end AML compliance platform to be deployed in a production environment and can be adapted to suit the AML/CFT needs of various financial institutions.

Tookitaki's approach is novel as it does not depend on pre-defined rules or fixed thresholds. Instead, it learns from our proprietary engine, titled Typology Repository Management (TRM) and uses a semi-supervised learning approach to identify complex money laundering techniques and detect suspicious cases faster and with high accuracy. TRM can be scaled to include any type of typologies across products, locations, techniques and predicate offence.

AMLS also features an Automated Model Management Framework that provides consistent model performance, scale and cost efficiency over time. While building AMLS, Tookitaki broke the jinx that machine learning is a Blackbox and needs superior skill sets to understand. Its patent-pending explainability framework explains the model and every outcome for business users and regulators.

The award was announced on the second day of the 2020 TECHFEST Live! x ROAD-TO-WCIT Malaysia hybrid event. From about 130 submissions, twelve private and public sector organizations from four different continents were selected to receive the 2020 WITSA Global ICT Excellence Awards, including the special WITSA Chairman’s Awards. WITSA is the leading recognized voice of the global ICT industry, whose members from over 80 countries and economies represent more than 90% of the world’s ICT market. The WITSA Awards recognize the entities that made the most significant contributions to mankind in 2020.

The WITSA Global ICT Excellence Awards is one of WITSA’s most popular programs. Started 20 years ago, at the 2000 World Congress on IT in Taipei, WITSA has – as the leading recognized international voice of the global ICT industry – utilized its unprecedented reach into the ICT industry in over 80 countries.

More details can be found in the official press release.