What are the different types of reconciliation?

What is data reconciliation?

Data reconciliation (DR) is a term that describes a phase of a data migration in which the target data is compared to the original source data to ensure that the migration architecture has correctly transferred the data.

Reconciliation means comparing different sets of data in order to check that they are in agreement. The process ensures that the data sets are correct, comparable and matching. In the world of finance and accounting, businesses need to ensure the validity of their transactions and the accuracy of company accounts. For this purpose, they reconcile their various accounts at the end of a particular accounting period and confirm their balances.

Account reconciliation is important for any business to prove or document its account balance. Periodic account reconciliation will help find discrepancies in transactions or amounts if any. These discrepancies (also called breaks) are investigated further and necessary corrections are made in the accounts to ensure correct balances.

Different types of reconciliation in accounting

It’s easier to understand account reconciliation by taking a closer look at some common reconciliation examples. There are five main types of account reconciliation: bank reconciliation, customer reconciliation, vendor reconciliation, inter-company reconciliation and business-specific reconciliation. Let’s explore each one of them in detail.

What is bank reconciliation?

Bank reconciliation or bank statement reconciliation is the process of verifying the bank balance in a business’ books of account by comparing them with the statement of account issued by its bank (called the bank reconciliation statement). Bank reconciliation is a type of internal control used by many companies to verify the integrity of data between the bank records and their official records. Here, each and every transaction in the bank statement is compared with the company’s internal records (normally cash account) to check both records are matching. Here are some commonly seen issues that result in mismatches in records:

  • Issued cheques have not been presented to the bank or the bank has dishonoured a cheque.
  • A banking transaction (eg. credit received, bank fees, penalties) has not yet been recorded in the entity’s books
  • Either the bank or the entity made an error while entering records.

Periodic bank reconciliation is important to spot missed payments and calculation mistakes. It will also help identify theft and fraud and track accounts payables and receivables. Depending on the volume of transactions, entities can choose to do bank reconciliation on a daily, weekly or monthly basis.

Vendor reconciliation

Vendor reconciliation is defined as the reconciliation of accounts payable for a vendor with the statement provided by the particular vendor. Here, an entity reconciles vendor balance in its books of accounts with the balance in the books of the vendor. It ensures that there are no discrepancies or mistakes in the amount a vendor charges an entity and the goods or services the entity receives from the vendor. The steps in vendor reconciliation are:

  • Getting a statement of account from the vendor. The statement must have invoice-wise detail of each transaction.
  • Comparing the statement with the vendor accounts as per the entity’s books of account.
  • Adjusting for any difference, which should be separately shown in the reconciliation statement.

Customer reconciliation

In customer reconciliation or accounts receivable reconciliation, an entity compares the outstanding customer balance or bills to the accounts receivable as entered in its general ledger. Customer reconciliation statement acts as proof that there is no material inaccuracy in the accounts of the company. It helps unveil any error or irregularities in customer-related accounting. It will also help identify fraudulent activity pertaining to accounts receivable.

A part of account closing activity, customer reconciliation is normally conducted at the end of the month before an entity issues monthly financial statements. If any irregularity is identified while doing customer reconciliation, it should be corrected on time before preparing monthly financial statements.

Inter-company reconciliation

Intercompany reconciliation is the process in which a parent company consolidates all the general ledgers of its subsidiaries in order to eliminate intercompany flows. The process identifies possible mismatches between subsidiaries due to mistakes in invoicing and other transactions such as loans, deposits and interests. This is important to normalise an increase in assets, liabilities, income and expenses of group companies arising out of intercompany transactions. It also helps minimise bank transaction fees, optimise liquidity, and reduce financial and currency costs as well as risks. The process will also identify any unrecorded transactions or balances on the books group companies.

Business-specific reconciliation

In addition to the above-mentioned reconciliation types, every business needs to prepare other reconciliations based on specific needs. Costs of Goods reconciliation is a good example here. A business that has any form of inventory should prepare this reconciliation statement to match balances on the cost of goods sold account calculated using two methods:

Cost of goods sold = Opening Stock + Purchases – Closing Stock

Cost of goods sold = Sale – Profit

These two methods of calculation should lead to the same amount. If not, records are to be investigated to find out reasons for imbalance.

Other account reconciliations

Given below are some other reconciliation types that we normally come across in the financial world.

Credit card reconciliation

Credit card reconciliation is similar to bank account reconciliation. Here, an organisation matches credit card receipts with credit card statements issued by a financial institution. It helps institutions ensure that the amount billed in the credit card statement matches with actual payments. If the credit card company has committed any error, it should be reported and rectified.

Balance sheet reconciliation

Balance sheet reconciliation is the process of matching the closing balances of all the accounts of the company that forms part of the company’s balance sheet. It is done to ensure that entries used to reach the closing balances are entered and classified accurately so that balances in the balance sheet are appropriate.

Cash reconciliation

It is the process of verifying if the amount of cash in a cash register matches the actual cash on hand at the end of a business day. Cash reconciliation compares cash balance and cash receipts with one another. It is an effective tool to detect employee theft or incorrect accounting records. It also helps improve cash forecasting with an accurate view of business cash balances.

Modern technology in reconciliation

The types of reconciliation mentioned above has a unique workflow. There are many rule-based reconciliation solutions that are heavily customised to meet each of the needs. However, they have the following drawbacks:

  • Adding new data sources may require a large amount of reengineering work. New regulatory standards such as Basel III and MiFID II have significantly changed the scope of reconciliation, mandating financial institutions to reconcile data stretching to more than 65 fields.
  • Rules-based record matching may not always work with new asset types (in financial services) and deals involving complicated calculations.
  • While RPA solutions could handle matching, exceptions/breaks management is still laborious and costly. Many organisations are finding it difficult to resolve breaks on time and meet compliance standards.

There are also new-age reconciliation solutions that can handle any account reconciliation with ease and accuracy. As in the case of any other processes, AI and machine learning are revolutionising the way businesses reconcile data. Modern solutions such as Tookitaki’s end-to-end, machine learning-powered Reconciliation Suite (RS) helps financial services maximise efficiency and effectiveness in the reconciliation process.

A fully automated end-to-end reconciliation solution is the need of the hour to manage the pain points of traditional reconciliation in a professional manner. Tookitaki RS, backed by the power of AI and machine learning, can effectively address current reconciliation challenges and significantly enhance reconciliation process efficiency. Our solution has already proven to improve matching coverage by 90% compared to rules-based systems and reduce break resolution time by about 50%.

To know more about our solution, please contact us.

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Comment by Seyoum on July 21, 2021

Interesting note

Comment by ALI MUSSA MWADINI on July 13, 2021

Re: Let us Unite work together to strengthen the capacity of children, young people and our Zanzibar community to make well-grounded ethical decisions based on values of True Culture of Peace (Positive Peace) that promote respect for other cultures, beliefs and Poverty Reduction Dear all friends in peace We greet you all in True Peace & Solidarity. My name is Ali Mussa Mwadini and I am the Founder of our Organization, and currently voluntarily working as Executive Secretary & Peace Activist and Founder of Zanzibar City of Peace Clubs Project. Our Organization Zanzibar Peace, Truth & Transparency Association (ZPTTA NGO), is committed to the promotion of True Culture of Peace (Positive Peace) & peace related issues, via increased negotiation, reconciliation and dialogue. We promote forgiveness and advocate for Human Rights, Gender Equality, Good governance and the Rule of law. To affirm the possibility of living together, respecting one another in a world of different religious, ethnic and cultural traditions. To provide tools for educators to work with intercultural and interfaith learning in different regions and in diverse settings. To develop and promote successful practices for living together with people of different cultures, ethnicity, beliefs, religions and Poverty Reduction Zanzibar Peace, Truth, and Transparency Association (ZPTTA NGO), is a Non-Governmental, Non-Religion, Non-Partisan, Non-Military and Non-Profit Making organization. The organization registered under the Societies Act No. 12 of 2012 with registration No Z0000017862. The organization identifies its members, as part of an emerging sustainable world community. Its actions support the values of True Culture of Peace (Positive Peace), possible to achieve the level of trust, and cooperation, Empowerment and Poverty reduction in Zanzibar Community and Tanzania. To affirm human dignity as expressed in the Universal Declaration of Human Rights, and in the teachings of all religious traditions. Once again, on behalf of our leadership, I would like to take this opportunity to official request you and all peace-loving organizations, the world cities of Peace & Donors willing to Support Peace organizations’ Programs & Projects in our Organization & country, in all forms possible. As we continue to make our way through this most unusual year, we ask for your donation, (Support) from one-time and recurrent donors. We rely on you to be able to exist to make a difference in our community. Whatever you are able to give, please do so. If recurring donations better fit our budget, we have made for our Zanzibar City of Peace Youth Clubs to Promote Peace & (POVERTY REDUCTION), which covers the Islands Through our leadership development program. We believe strongly in the power of partnerships to create meaningful and lasting peace. “We seek peace, knowing that peace is the climate of freedom global. Without an understanding of the factors that create and sustain peaceful societies, it will not be possible to develop the programs, create the policies or understand the resources required to build peaceful and resilient in our Zanzibar societies. We believe, without you, there would be no us. Without your support, we would not be able to grow our programming and outreach in Zanzibar and Tanzania at large. Without you and True Peace loving organization and Nations, we would not be the organized voice that we have striven to be, promoting non-violent solutions to social, economic and environmental injustice (including (Poverty Reduction and Child Abuse) Once again, we believe that only through joint action can we break the cycle of violence Our direction is that of nonviolent struggle, and we call on both nations to join us to achieve peace and reconciliation in Zanzibar Community & the World Find attached photos of world peace day 2020 We thank you in advance Yours in Peace Inline image ALI MUSSA MWADINI EXECUTIVE SECRETARY, PEACE ACTIVIST & FOUNDER OF ZANZIBAR CITY OF PEACE YOUTH CLUBS. (ZPTTA NGO ZANZIBAR PHONE: +255-777-451257 (zptta@hotmail.com) (Passport N0 T A E 205370)

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The discussions about the money laundering risks of cryptocurrency are seemingly on the rise. While these currencies are yet to match the traditional financial crime methods in terms of volume and siz...

AI Uptake for AML Compliance on the Rise despite COVID-19

Research suggests that financial institutions are increasingly adopting technologies such as AI and machine learning (ML) for anti-money laundering (AML) compliance in response to the COVID-19 pandemi...

Regulatory compliance in Asia: Reasons behind the rise of Regtech

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 comp...

AML Fines 2021: Regulators Continue to Be Strict with Enforcement amid COVID-19

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 ant...

How sharing information between institutions helps detect money laundering

The Financial Action Task Force (FATF) says institutions should be sharing information between them to detect money laundering more easily and comply with the Anti-Money Laundering (AML) and Counterin...

EU Proposes new regulations to take anti-money laundering to the next level

Earlier in July, the European Commission came up with four legislative proposals. One of these was its 6th Anti Money Laundering Directive (AMLD 6) to support Anti-Money Laundering (AML) and counterin...

The Rise in Cryptocurrency Money Laundering Cases in 2021

Cryptocurrencies have been around for a while now. We’ve all heard of Bitcoin, Ethereum and Litecoin. As technology develops quickly, financial criminals keep up the pace to find new ways to exploit...

How Technology Can Ensure Effective AML Information Sharing

We are in a digital-first economy where goods and services delivery has moved significantly online. The availability of financial services related to investment, payments, money transfers and lending ...

Why Neo Banks Might Need a Different Customer Risk Assessment Approach

As financial institutions go increasingly digital in the wake of the COVID-19 crisis, physical verification of customers’ identity and paper forms might become practices of the past. In many countri...

Transaction Monitoring in Fintech: Challenges and Solutions

While the COVID-19 pandemic has affected the global economy with long-lasting implications for companies and consumers, the Fintech sector has largely been resilient with notable growth across most ge...

Getting Ready for Future: An AML Compliance Guide for Fintechs

The internet revolution and the smartphone revolution have changed the course of operations in many industries. The digital era brought about significant enhancements to economic utilities — in ...

Covid-19 and compliance challenges for payment companies

The COVID-19 pandemic has brought in fundamental changes to many industries, and the payments sector is no exception. Consumers across the globe now have a different approach as they consider commerce...

Assessing AML Compliance at Neobanks: Issues and Solutions

Considered the digital era’s answer to financial inclusion, neo-banking is rising to prominence, shattering the historical monopoly and hegemony of traditional banking. As populations across the glo...

How Criminals Launder COVID Funds via Online Investment Platforms

Fraud targeting governments’ pandemic-related welfare programs have seen criminals exploiting these schemes ever since countries started helping their citizens and businesses. If reports are correct...

Crowdfunding: Yet Another Unconventional Means to Launder Money

Having transformed many ideas into profitable businesses, crowdfunding, a new-gen investment trend enabled by the internet, has become the first resort for many entrepreneurs and small businesses. The...

The Crackdown on Shell Companies and the Role of Technology

The Anti-Money Laundering Act (AMLA) 2020, enacted as part of the National Defense Authorization Act (NDAA) 2021 of the US in January this year, had many key provisions to take the Anti-Money Launderi...

Tookitaki Powers AI-Driven Anti-Money Laundering Solution Using HPE GreenLake

Hewlett Packard Enterprise (HPE) announced a key collaboration with Tookitaki to provide a new offering designed for banks and financial institutions across Asia-Pacific. The new offering delivers T...

AMLA 2020: 8 Key Provisions that Financial Institutions Required to Know

The US Congress passed the National Defense Authorization Act (NDAA) 2021 on January 1, 2021, addressing a variety of pressing concerns related to the nation’s security. The act included a number of...

The Rising Case for RegTech to Address AML Risks Amid COVID-19

Emerged as a subset of FinTech, the Regulatory Technology (RegTech) industry has now gone more mainstream, thanks to regulators and industry practitioners. Recently, there have been many pro-RegTech c...

Hakrinbank Selects Tookitaki to Ensure Sustainable Financial Compliance Monitoring

Tookitaki announced a partnership with Hakrinbank, a leading South American bank based in Suriname, to fortify its Anti-Money Laundering (AML) detection and alerts management capabilities. To improve...

Breaking Barriers: 5 Key Insights on RegTech Adoption

HKMA in a report shared comprehensive hands-on experience and insights from respondents to better understand the factors and dependencies affecting AML/CFT Regtech adoption. The regulator collaborated...

How to Address Present-day Sanctions Screening Pain Points with AI

Sanctions risk of financial institutions is evolving in line with the global social, economic and political changes. As seen in recent news, governments across the globe are increasingly relying on sa...

Tookitaki Got Selected for FinTech Program: Asia meets Tokyo

Tookitaki has been listed among 8 Fintech startups in Asia for FinTech Program: Asia meets Tokyo, an accelerator launched by the Tokyo Metropolitan Government (TMG). We have been selected for our anti...

AML Alert Management: How AI can Augment Your Compliance Efficiency

The financial sector is facing one monster of a problem at the moment. As today’s financial institutions deal with millions of daily transactions, several thousands of routine financial transactions...

Tookitaki Recognised for Innovative Use of AI & Machine Learning

Tookitaki has won the Regtech Award for AI & Machine Learning and was highly commended in the solutions category for AML/CTF Compliance, in the 3rd Regulation Asia Awards for Excellence 2020 ...

Our UOB Success Tale: Setting a New Benchmark for AI-based AML Compliance

Tookitaki achieved a rare and historic milestone as our Anti-Money Laundering Suite (AMLS) solution went live within the premises of United Overseas Bank (UOB), one of the top 3 banks in Singapore.

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...

Money Laundering via Cryptocurrencies: All You Need to Know

Money laundering via cryptocurrency has been going on for a while now. We’ve all heard of Bitcoin, Ethereum and Dogecoin. Crypto is used by financial criminals globally but how are they getting away...

CNA 938 radio interviews Tookitaki Co-founder Jeeta Badopadhyay

Tookitaki Co-founder and COO Jeeta Bandopadhyay was named among the Singapore 100 Women in Tech (SG100WIT) List in September 2020. A collaboration between the Singapore Computer Society (SCS), IMDA, S...

Need for New Customer Risk Rating Models: Not All Customers Are Created Equal

Being estimated at between US$800 billion to US$2 trillion every year, money laundering is a serious problem for the global economy. While regulators and financial institutions are working hard to pre...

Is AML Compliance Heading for a New Normal in the Age of Digital Payments?

Increased digitization has influenced various businesses and brought in a paradigm shift in the way they create business models and approach growth opportunities. Moving away from conventional transac...

Excel to AI: How Reconciliation Tools Evolve for Better

In the world of finance, reconciliation is the process of comparing two related sets of records or two accounts at the end of a specific accounting period to find out if account balances are matching ...

Lessons Not Well Learned: 2020 AML Fines Cross 2019 Total

If research is to be believed, institutions across the globe have not done enough in the anti-money laundering (AML) compliance area. Data from consultancy Duff & Phelps revealed that AML fines in...

Exploring AML Risks in COVID-Era and the Ways to Address Them

The world continues to battle the COVID-19 pandemic and the crisis it brought in is unprecedented in the history of humankind. While there are a number of pandemic-related factors contributing to the ...

AML Amid COVID-19: Watch out for These FBI-listed Fraud Schemes

There has been a rise in the number of cybercrimes and fraud schemes across the globe ever since the proliferation of the COVID-19 pandemic. Criminals, in general, are taking advantage of people’s s...

OCC Spring Risk Perspective: 5 Takeaways on Compliance Risk

Despite its general strength, the US federal banking system is apparently susceptible to the ongoing economic weakness caused by the rampant spread of coronavirus. Earlier this month, The US Office of...

How Criminals Used COVID-19 Sales Pitch to Defraud, Launder Money

As the world is working hard to contain the spread of the COVID-19, criminals continue to take advantage of the pandemic. They are devising sophisticated methods to defraud people and launder the crim...

5 Top Myths and Facts about AI Implementation in AML Programs

We are more confirmed about the power of Artificial Intelligence (AI) to transform lives and businesses now. There are countless possible applications of AI and machine learning at present, and we see...

Typology Repository Management: Solving AML Problems Via Collective Intelligence and Continuous Learning

Despite its general strength, the US federal banking system is apparently susceptible to the ongoing economic weakness caused by the rampant spread of coronavirus. Earlier this month, The US Office of...

Whitepaper: Automated AML Pattern Detection Using Network Science

Despite its general strength, the US federal banking system is apparently susceptible to the ongoing economic weakness caused by the rampant spread of coronavirus. Earlier this month, The US Office of...

Money Laundering Amid COVID-19: What Regulators Across Globe Say

As the world continues to fight against the COVID-19 pandemic, there are reports that criminals are taking advantage of the difficult situation. They are seizing the moment to proliferate their crimin...

How will Art Cease to Be a Preferred Money Laundering Vehicle?

Money laundering via high-end art and antiquities is not new yet it is difficult to detect. Art-related money laundering amounts to about US$3 billion per year, according to this blog, quoting the Uni...

Beware! Money Mules in Demand amid COVID-19. Here’s an Effective Cure

If reports are to be believed, cybercrooks are taking advantage of the COVID-19 situation. They are targeting people who were laid off or working from home due to the pandemic to work for them as mone...

How do we weather a tornado of change?

“Great works are performed not by strength but by perseverance” – Samuel Johnson All of us are in challenging times. However, we cannot afford to be lethargic to life, work, and busi...

Roundtable Rewind: Embracing Next-gen Tech & Collaboration Key to Sustainability

As a regtech player with a vision to enable sustainable compliance programs in financial institutions, Tookitaki organized a first-of-its-kind industry roundtable in Charlotte, NC, USA to discuss oppo...

Tookitaki Appoints Industry Veteran Joe Friscia as Advisor

Tookitaki Holding Pte. Ltd. appointed industry veteran Joe Friscia, former President of NICE Actimize and BAE Systems as Advisor to the Company’s Advisory Board. Joe brings over 25 years’ extensi...

Should Modern Machines Be Ethical?

There are mounting concerns across the globe about the reliability and safety of artificial intelligence (AI) based systems and its enabling technologies such as machine learning (ML). On the air are ...

Tookitaki Raises Another US$11.7 million in Series A; Closes Round at US$19.2 million

– by Abhishek Chatterjee, Founder & CEO The Tookitaki team and I are excited to announce that we have raised an additional US$11.7 million in Series A funding, taking the total investment in...

30 Years of FATF: Notable Facts About Global AML Watchdog

The Financial Action Task Force (FATF), the intergovernmental body formed in 1989 to combating money laundering, is celebrating its 30th anniversary this year. Since its inception, the global agency p...

Tookitaki Joins Aite Financial Crime Forum as Sponsor

Technological advances have fundamentally changed the operational landscape of financial institutions. However, there are also new risks emerging in forms of sophisticated financial frauds and complex...

Will Machine Learning Replace Compliance Professionals?

The impact of modern technologies such as artificial intelligence (AI) and machine learning on job security has been a widely discussed topic today. Of course, AI has advanced very quickly in the last...

6 Most Prevalent Cyber-Laundering Methods in APAC

Despite being a medium to exchange information in real-time and with scale, the Internet is being misused in several ways. Among the slew of financial crimes facilitated by the Internet, money launder...

What Made Us Earn the WEF Technology Pioneer Title

Tookitaki has bagged another global acknowledgement for its outstanding works in the regulatory compliance field. Our company was selected among hundreds of candidates as one of the World Economic Fo...

We Stay as a Team, We Win as a Team and We Flourish as a Team

“Teamwork is the ability to work together toward a common vision. The ability to direct individual accomplishments toward organizational objectives. It is the fuel that allows common people to a...

ABA Regulatory Compliance Conference: 10 Sessions You Can’t Miss

The 2019 edition of the American Bankers Association (ABA) Regulatory Compliance Conference is a few more days away. Organized by the Washington, D.C.-based trade association, the conference is touted...

Tookitaki AMLS Wins SBR Technology Excellence Award 2019

Tookitaki’s Anti-Money Laundering Suite (AMLS), an end-to-end machine learning-powered transaction monitoring and names screening solution, has bagged the inaugural Singapore Business Review Tec...

Watchdogs Grow Optimistic about AI Prospects at Banks

Proper regulation of banking operations is important as any failure in the banking system would affect the wider economy. Therefore, banking is one of the most regulated industries across the globe. F...

Pitfall of Black Box AI at Banks: Explaining Your Models to Regulators

The use cases of artificial intelligence (AI) and machine learning in front-office, middle-office and back-office activities at banks are growing slowly but steadily. The major areas of AI play includ...

AI for Regulatory Compliance at Banks: 4 Assessments Before You Okay the Solution Proposal

Banking is one of the industries where artificial intelligence and machine learning find their applications at a rapid pace. Regulatory compliance within banking is an area which has become a costly a...

We Believe in Innovation, the Key to Survival and Growth

“Innovation distinguishes between a leader and a follower.” -Steve Jobs What comes on the top of your screen when you google the meaning of the word innovation is – the introduction of somet...

Compliance Functions in Need of a Technological Overhaul. Can Machine Learning be the Game-Changer?

McKinsey in its latest compliance benchmarking survey found that compliance function at financial institutions has reached “an inflection point” and current compliance standards are in an “incho...

Tookitaki Raises US$7.5 mn Series A from Global VCs to Transform Regulatory Compliance

Tookitaki, a regulatory technology company that aims to enable financial institutions to develop sustainable compliance programs, has raised US$7.5 million in Series A round. The round was co-led by L...

The Biggest Money Laundering Cases: From Wachovia to Danske Bank

Money laundering – the criminal activity of processing criminal proceeds to disguise their origin – is one of the gravest problems faced by the global economy, and its size is growing rapidly. It ...

A Modern Approach to Address the Reconciliation Challenges of Financial Services

Reconciliation of transactions is deemed critical for the smooth running of every financial institution. The speed and accuracy of data reconciliation can distinguish a successful institution from its...

Busting a Myth: Compliance Officer’s Job is All About Risk

Regulatory compliance has become a dreadful task for banks after regulators across the globe set stricter norms in the aftermath of the 2008 financial crisis in an effort to prevent financial crimes s...

Attending ACAMS Conference in Singapore? Tookitaki Awaits You with Its Disruptive AML Solution

“In today’s era of volatility, there is no other way but to re-invent. The only sustainable advantage you can have over others is agility, that’s it.”- Jeff Bezos Singapore is hosting ACAMS’...

MAS’ Stress on Transaction Monitoring for Effective AML/CFT Compliance and Machine Learning is the Answer

Singapore is known for its top-notch AML/CFT regime created through up-to-date legislation, stringent policy and uncompromising supervision to safeguard against the abuse of the city state’s financi...

Mifid II and the Pressing Need for a New Reconciliation Approach

The financial services industry in the EU has been confused with the introduction of a revamped version of the Markets in Financial Instruments Directive (Mifid II). The ambitious regulatory reforms t...

Is Automated Reconciliation Next to Impossible in Today’s Complex Financial World?

The 2008 global financial crisis and fairly new regulatory requirements like Basel III asked financial institutions (FIs) to cut operating costs and adopt a lean operations structure, pushing FIs to r...

Modern Tech to Reshape US AML Compliance with Regulators’ Recent Handshake

George Bernard Shaw once said: “Those who cannot change their minds cannot change anything.” The past week has seen a significant change of mind from financial regulators in the US in their ardent...

Skills Development: We Have Talents and We Strive to Multiply Them

“Mastery lies on an infinite continuum, and as a result, we will never reach the end. We can, however, see to it that we are as far along that continuum as our circumstance allows.” ― Chris Mat...

It’s Our Fourth Founding Day; Taking a Pause to Cherish Our Simple but Awesome Journey

Today, as we step into our 4th year of foundation, I feel proud and honored to be leading Tookitaki that has been successful in creating added value to all its stakeholders. I was never a CEO and Took...

Tookitaki Expands into the US with New Office in Charlotte

SINGAPORE, Sept. 24, 2018: Tookitaki Holding Pte Ltd, a leading regulatory technology company, is pleased to announce the official opening of its North American office in Charlotte, NC, in the Unite...

We Tame Machines but We Unleash Human Spirits

We are well aware of the fact that our progress as an organization is in the hands of our employees. The more energy, time and attention we invest in them, the more yield we receive. So, we always mak...

5 Modern Money Laundering Methods That Criminals Use

Modern money launderers are updating their methods to beat detection and avoid getting caught every single day. Where there is new technology, cryptocurrencies and processes, there is a money laundere...

Risk Management Conference: Positive Vibes from All Corners

The Risk Management Association’s (RMA) premier annual event, the Risk Management Conference, came to an end on 6 November, and Tookitaki had the privilege to attend the event which we believe was ...

Singapore Fintech Festival: Tookitaki to showcase advanced machine learning solutions in financial services

Singapore is assured of the Fintech world’s unwavering attention next week, as the city state, is hosting this year’s Fintech Festival during 12-16 November. Touted as the world’s largest platfo...

The RMA Clarion Call to Address Risks and the Tookitaki Way

Risk officers, doing your best today is good while preparing hard for tomorrow is extraordinary. Risk management at banks has become difficult due to operational and regulatory changes. The Risk Manag...