Anti Money Laundering Suite

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Tookitaki is a leading regulatory technology company offering Compliance Platform as a Service (CPaaS) to some of the world’s leading banks and financial institutions to help them transform their AML and compliance technology needs. The Singapore-headquartered company’s CPaaS offering leverages Big data and machine learning techniques to support a suite of smart applications that set new standards in convenience, comprehensiveness and compliance. Tookitaki’s innovations in regulatory compliance have been acknowledged worldwide. The company was named a Rising Star in Chartis RiskTech100 2021 list in 2021 and won the G20TechSprint accelerator in 2020. In 2019, the company was selected as a Technology Pioneer by the World Economic Forum. Incorporated in November 2014 in Singapore, the company has a presence in the US, the UK, Singapore and India.

In 2022, Tookitaki became a part of the Thunes global network. Thunes is a B2B company that powers payments for the world’s fastest-growing businesses. Adding Tookitaki to Thunes’ network addresses an urgent need for payments and other financial institutions to embed automated, streamlined compliance processes, decreasing risks and reducing overall costs. Together we aim to empower the banking and financial services industry in their fight against money laundering and offer safe and secure payments to our customers.

Our focus on anti-money laundering (AML) in the regulatory compliance arena has led to the development of Tookitaki Anti-Money Laundering Suite (AMLS), a next-generation AML analytics platform that combines a growing library of money laundering patterns to provide comprehensive AML risk coverage, with an automated machine learning framework. The suite offers smart transaction monitoring, screening and customer risk scoring solutions to financial institutions across the spectrum, improving their operational efficiency, mitigating the risk of money laundering and significantly reducing the cost of compliance.

The end to end solution covers-

  • Transaction Monitoring
  • Smart Screening
  • Customer Risk Scoring

with a comprehensive dashboard in Case Manager.

We have

  • a typology repository harnessing inputs from global SMEs
  • a curated list of AML patterns
  • near real time screening adding to customer experience

In addition, Tookitaki Reconciliation Suite (RS) is a machine learning-powered scalable, reconciliation platform that has specific modules to support automated matching and automated exception handling, and can automatically build exceptions models from historical data generated by the rules-based system.

Key Features

Transaction Monitoring: We provide secondary scoring of the transaction monitoring process. The approach uses our proprietary semi-supervised technique which is based on a combination of multi-dimensional unsupervised techniques, network analysis and supervised learning to detect complex money laundering structuring mechanisms. The module complements the current rules-based system by triaging alerts (buckets alerts into L1, L2 and L3 cases) and detecting ‘unknown unknowns’ or true suspicious cases missed by the primary alerts generation unit. It has path breaking characteristics like-

  • Comprehensive risk coverage
  • Cutting edge alerts detection
  • Transparency & Explainability
  • Quick rules setup, testing & deployment
  • AI/ML Based false positive reduction

Screening: We provide secondary scoring of the screening process. The approach uses our proprietary multilayered supervised techniques which combine approaches in improved matching techniques (handles typos, spelling errors, titles, prefix/suffix, etc.) and detailed analysis of secondary information obtained either from internal sources or externally available sources. The output prioritizes/triages hits across individual and corporate names into L1, L2 and L3 buckets. It provides innovative features such as-

  • Comprehensive matching capabilities
  • Flexibility & Scalability
  • 360 degree risk view

This is augmented by the case manager which is an end to end workflow tool that enables users to review and manage alerts from all AML stages in one stage enabling a 360 degree investigation for every case. It includes-

  • Flexible user and role management
  • Comprehensive workflows
  • Simplified SAR/STR filing

Key Benefits

  • Reduces false alerts by at least 50% for transaction monitoring programs.
  • Reduces false alerts by at least 60% for screening programs.
  • Reduces risk by improving the detection of true suspicious cases (SAR/STR) by 5%.
  • Prioritizes alerts and brings more efficiency in the alerts disposition process.
  • Maintains high detection coverage with growing data and changing regulations through continuous automatic learning.
  • Explains complex machine learning models and outcomes in an easy-to-comprehend manner.
  • Easy integration to the FI’s existing and future up/downstream systems through built-in connectors and REST API interfaces.