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Elaborate criminal webs operating across geographies, multiple accounts and identities seek to exploit the vulnerabilities of a new age of digital financial services, are now the focus of Tookitaki’s AMLS Smart Alert Management solution.
This report details the importance of how smart alert management for banks and other financial institutions, complements and enhances existing rules-driven systems, enhancing the efficiency and effectiveness of alert management.
Tookitaki combines machine learning, distributed systems, and business expertise to create the building blocks of sustainable compliance management.
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An award-winning, end-to-end, machine learning solution with modules around transaction monitoring & names screening. This solution complements current legacy systems, reduces false alerts, and detects ‘missed’ suspicious cases, finding the right balance between efficiency and effectiveness.
A proven, end-to-end, machine learning solution with modules around matching and substantiation. It can improve match rates, accurately detect exception types and recommend adjustment amount for automatic reconciliation. Result: High efficiency and quality in investigation process and lower cost of operations.
Bala Swaminathan,
Advisory Board Member,
Westpac International
“The use of RegTech such as Tookitaki’s AMLS enables us to augment our ability to identify actionable alerts and to minimise false positives. These sharpen the accuracy and effectiveness of our AML risk management.”
Victor Ngo,
Head of Group Compliance,
United Overseas Bank, Singapore
“Machine learning has the ability to revolutionise the reconciliation space. Our engagement with Tookitaki dates back to May 2016, when we launched our Catalyst programme. Tookitaki is one of the few startups, with whom we collaborated to automate break reconciliation process in finance. The solution achieved promising results in production and helped bring in operational efficiency.”
Rathnaprabha Manickavachagam,
Head of Innovation & Digital Transformation,
Société Generale Global Solution Centre, India
“The whole world of compliance has changed significantly from where it was 5 years back, mostly seen as an audit function. It moved from what we call KYC (Know Your Customer) to Know Your Transactions due to critical need of monitoring transactions to detect organized criminal cells. Solutions like Tookitaki AMLS can effectively monitor transactions for detecting emerging AML threats and help banks develop a robust compliance framework.”
Bala Swaminathan,
Advisory Board Member,
Westpac International
“The use of RegTech such as Tookitaki’s AMLS enables us to augment our ability to identify actionable alerts and to minimise false positives. These sharpen the accuracy and effectiveness of our AML risk management.”
Victor Ngo,
Head of Group Compliance,
United Overseas Bank, Singapore
“Machine learning has the ability to revolutionise the reconciliation space. Our engagement with Tookitaki dates back to May 2016, when we launched our Catalyst programme. Tookitaki is one of the few startups, with whom we collaborated to automate break reconciliation process in finance. The solution achieved promising results in production and helped bring in operational efficiency.”
Rathnaprabha Manickavachagam,
Head of Innovation & Digital Transformation,
Société Generale Global Solution Centre, India
“The whole world of compliance has changed significantly from where it was 5 years back, mostly seen as an audit function. It moved from what we call KYC (Know Your Customer) to Know Your Transactions due to critical need of monitoring transactions to detect organized criminal cells. Solutions like Tookitaki AMLS can effectively monitor transactions for detecting emerging AML threats and help banks develop a robust compliance framework.”
Bala Swaminathan,
Advisory Board Member,
Westpac International
“The use of RegTech such as Tookitaki’s AMLS enables us to augment our ability to identify actionable alerts and to minimise false positives. These sharpen the accuracy and effectiveness of our AML risk management.”
Victor Ngo,
Head of Group Compliance,
United Overseas Bank, Singapore
“Machine learning has the ability to revolutionise the reconciliation space. Our engagement with Tookitaki dates back to May 2016, when we launched our Catalyst programme. Tookitaki is one of the few startups, with whom we collaborated to automate break reconciliation process in finance. The solution achieved promising results in production and helped bring in operational efficiency.”
Rathnaprabha Manickavachagam,
Head of Innovation & Digital Transformation,
Société Generale Global Solution Centre, India
“The whole world of compliance has changed significantly from where it was 5 years back, mostly seen as an audit function. It moved from what we call KYC (Know Your Customer) to Know Your Transactions due to critical need of monitoring transactions to detect organized criminal cells. Solutions like Tookitaki AMLS can effectively monitor transactions for detecting emerging AML threats and help banks develop a robust compliance framework.”
Bala Swaminathan,
Advisory Board Member,
Westpac International
“The use of RegTech such as Tookitaki’s AMLS enables us to augment our ability to identify actionable alerts and to minimise false positives. These sharpen the accuracy and effectiveness of our AML risk management.”
Victor Ngo,
Head of Group Compliance,
United Overseas Bank, Singapore
“Machine learning has the ability to revolutionise the reconciliation space. Our engagement with Tookitaki dates back to May 2016, when we launched our Catalyst programme. Tookitaki is one of the few startups, with whom we collaborated to automate break reconciliation process in finance. The solution achieved promising results in production and helped bring in operational efficiency.”
Rathnaprabha Manickavachagam,
Head of Innovation & Digital Transformation,
Société Generale Global Solution Centre, India
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It’s been more than a year and a half since the COVID-19 pandemic wreaked havoc across the world and changed the day-to-day operations of businesses. Financial institutions and their regulatory compliance teams have not been free from the effects o...
Research revealed that global regulators have remained strict with financial crime and sanctions compliance failings despite the COVID-19 pandemic. Governance and risk consultancy firm, Kroll says anti-money laundering (AML) fines in 2021 are likely ...
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