Crypto Laundering: What Are the Red Flags to Look Out For?

Money Laundering via Crypto

While there may not be a competitor to the currency in terms of laundering volume at present, the ever-increasing use of cryptocurrency and their unregulated or less-regulated nature in many jurisdictions mean that the financial world has a lot to worry about.

Cryptocurrencies are slowly changing their stature as a mainstream medium of value exchange in the digital era. Many large companies now accept digital currency for payments of products and services, and many banks consider the adoption of blockchain technology. This being said, cryptocurrency really has the potential to replace their paper and plastic variants. Therefore, it is important to analyse the loopholes enabling these currencies to be used for money laundering and to develop adequate counter technologies to combat the crime.

 

How Do Criminals Use Crypto to Launder Money?

To conceal the illegitimate origin of payments, criminals use a variety of strategies involving cryptocurrency. All these approaches rely on one or more of cryptocurrency’s flaws, such as their intrinsic pseudonymity, ease of cross-border transactions, and decentralised peer-to-peer payments.

Crypto service providers should be on the lookout for suspicious transactions and suspect consumer behaviour to detect and prevent money laundering. The Financial Action Task Force (FATF) published a report on crypto laundering approaches in 2020, which included several red flags.

1. Placement

In this stage, illicit funds are brought into the financial system through intermediaries such as financial institutions, exchanges, shops and casinos. One type of cryptocurrency can be bought with cash or other cryptocurrencies. It can be done through online cryptocurrency exchanges. Criminals often use exchanges with less levels of compliance with AML regulations for this purpose.

2. Layering

In this phase, criminals obscure the illegal source of funds through structured transactions. This makes the trail of illegal funds difficult to decode. Using crypto exchanges, criminals can convert one cryptocurrency into another or can take part in an Initial Coin Offering where payment for one type of digital currency is done with another type. Criminals can also move their crypto holdings to another country.

3. Integration

Here, illegal money is put back into the economy with a clean status. One of the most common techniques of criminals is the use of over the counter (OTC) brokers who act as intermediaries between buyers and sellers of cryptocurrencies. Many OTC brokers specialise in providing money-laundering services and they get remarkably high commission rates for this.

 

What are some methods used to launder crypto?

Crypto Mixing

Mixing services, also known as tumblers, help cryptocurrency users to conduct transactions by mixing their cryptos with other users. A typical mixing service takes cryptos from a client, sends them through a series of various addresses and then recombines them, resulting in ‘clean’ cryptos.

Peer-to-peer Crypto networks

Criminals use these decentralised networks to transmit funds to a different location, frequently in another country where there are crypto exchanges with lax anti-money laundering legislation. These exchanges assist individuals in converting cryptocurrency into fiat currency to purchase high-end items.

Crypto ATMs

These ATMs allow people to purchase bitcoin via credit or debit cards and in some cases by depositing cash. Some ATMs offer the facility to trade cryptocurrencies for cash as well. In many countries, the KYC measures for the use of these machines are poorly enforced.

Online Gambling

Many gambling sites accept payments in cryptocurrencies. Criminals can purchase chips with cryptos and cash them out after a few transactions.

 

What are the Red Flags of Crypto Laundering?

Cryptocurrency service providers should be on the lookout for suspicious transactions and suspect consumer behaviour to detect and prevent money laundering. The Financial Action Task Force (FATF) published a report on crypto laundering approaches in 2020, which included the following red flag indicators:

  • Technological features that increase anonymity – such as the use of peer-to-peer exchanges websites, mixing or tumbling services or anonymity-enhanced cryptocurrencies
  • Geographical risks – criminals can exploit countries with weak, or absent, national measures for virtual assets
  • Transaction patterns – that are irregular, unusual, or uncommon which can suggest criminal activity
  • Transaction size – if the amount and frequency have no logical business explanation
  • Sender or recipient profiles – unusual behaviour can suggest criminal activity
  • Source of funds or wealth – which can relate to criminal activity

Read more on the FATF report published here.

 

Using Tech to Detect Red Flags

With new regulations on the horizon, crypto exchanges and other financial institutions must reconsider their approach to cryptocurrency services compliance and the effectiveness of existing anti-money laundering (AML) solutions.

Tookitaki has enabled AML experts from all around the world to create and share the largest library of patterns of money laundering and financial crime behaviour, often called typologies. Tookitaki’s typology repository is a first of its kind initiative allowing banks and financial institutions to join forces in the fight against financial crime.

Crypto laundering is based on a complex trail of financial transactions. Multiple complex rules are required to effectively monitor one pattern. Tookitaki has created a tool which allows firms to design rules based on real life red flags. Instead of managing hundreds of rigid rules, AML officers can leverage fewer typologies which are easier to maintain and explain to regulators, whilst providing better risk coverage than static rules. Tookitaki’s Transaction Monitoring solution unlocks the power of typologies to detect hidden suspicious patterns and generates fewer alerts of higher quality.

 

Our Anti-Money Laundering Suite

Our award-winning Anti-Money Laundering Suite (AMLS) is an end-to-end AML operating system, unlike any other RegTech player in the industry

The suite comprises our Transaction Monitoring, Customer Risk Scoring, Smart Screening and Case Management solutions under one roof for all your AML needs.

Smart Screening

Provides accurate screening of names and transactions across 18+ languages and a continuous monitoring framework for comprehensive risk management.

Customer Risk Scoring

Dynamic customer risk scoring engine which adapts to changing customer behaviour to build a 360-degree risk profile thereby providing a risk-based approach to client management.

Transaction Monitoring

Provides comprehensive risk detection and efficient alerts management via automated threshold management and seamless alerts disposition workflows.

Case Management

Provides a centralised investigation workflow for all types of AML alerts according to the parameters set by the relevant regulatory requirements.

 

To discover our AML solution and its unique features, speak to one of our experts.

Request a Demo

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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 counterparts. The process is primarily used to id...

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 such as money laundering. Rules have been changed t...

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’ 11th Annual AML & Financial Crime Conference ...

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 financial system for criminal activities. The country’s...

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 that took almost seven years to be materialized wer...

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 rethink on current reconciliation measures. Most of...

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 attempt to combat and prevent financial crimes, e...

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 Matakas Having continuous learning as one of its core...

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 Tookitaki is my first company. I had the passion and d...

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 United States. This new location will serve as the comp...

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 make sure that our people are among the happiest when...

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 launderer out there looking for a way to beat the system o...

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 a success in a number of ways. As a modern-era tec...

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 platform for the global FinTech community, the event att...

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 Management Association’s (RMA) premier annual event, ...

Hong Kong: AML Regulators and Best Practices

Understanding these rules is a key element of commercial success for fintechs in Hong Kong. This blog focuses on some of the most crucial factors to help you navigate your anti-money laundering compli...

Crypto Exchanges Facing Enforcement Action and How to Stay Compliant

Kraken, one of the world’s largest cryptocurrency exchanges, is under federal investigation, suspected of violating US sanctions by allowing users in Iran and elsewhere to buy and sell digital token...

E-Wallets and Anti-Money Laundering in the Philippines

The Philippines is one of the largest and fastest-growing economies in Southeast Asia. Its relatively young population and broad mobile network penetration have boosted the country’s internet-based ...

Tookitaki Launches in the Philippines

Regional RegTech firm Tookitaki launches in the Philippines, fosters partnerships with the country’s leading all-in-one money platform and PayMongo to fight financial crimes Manila, 9 August 2022 &#...

Top Payment Methods in the Philippines and the Need for Anti-Money Laundering Compliance

One of the fastest growing economies in Southeast Asia, the Philippines, known to be a traditionally cash-heavy nation, has made significant strides in the digital transformation of its payment landsc...

Crypto Exchanges Facing Enforcement Action and How to Stay Compliant

Some of the biggest cryptocurrency exchanges in the world are under federal investigation for allegedly breaking American sanctions by enabling users to buy and sell digital tokens in Iran and other c...

A Guide to De-Risking AML and FATFs View

What is De-Risking? Every organisation in the financial industry must be up to date on compliance requirements as well as new updates, regulations, and trends in this field. Although monitoring the re...

New to the Philippines Market? What Should Fintechs Do to Ensure AML Compliance?

The Philippines is one of the largest and fast-growing economies in Southeast Asia. Its relatively young population and broad mobile network penetration have boosted the country’s internet-based...

Anti-Money Laundering (AML) in Indonesia: What you need to know

One of the largest economies in South East Asia, Indonesia has a GDP of over one billion USD. Indonesia implements an open financial system and is extremely focused on maintaining the integrity of its...

EU Legislators Argue that Money-laundering Laws Should Apply to NFT Platforms

Members of the European Parliament argued in proposed changes to the law released this month, that non-fungible token (NFT) trading platforms should be subject to EU anti-money laundering (AML) laws. ...

The FATF Pushes For Information-Sharing Rules In Crypto

According to a worldwide anti-money laundering watchdog, the majority of nations lack “travel rule” laws that may aid in preventing the unauthorised use of cryptocurrencies by criminals an...

US Regulators Advise Banks to be Smarter About Managing AML Risk

The US financial regulators called on banks and credit unions in the country to follow a risk-based approach to assessing customer relationships and to avoid blind de-risking. De-risking is a practice...

AML Best Practices are Unveiled by Leading MSB Associations

Working with other interested parties, including the American Bankers Association, a group of money services businesses (MSBs) published a best-practices guide for MSBs on anti-money laundering and B...

Crypto Laundering: What Are the Red Flags to Look Out For?

Money Laundering via Crypto While there may not be a competitor to the currency in terms of laundering volume at present, the ever-increasing use of cryptocurrency and their unregulated or less-regula...

En-route to a Stronger AML Framework, What Should FIs in The UAE Do?

Ever since its grey-listing by global money laundering watchdog Financial Action Task Force (FATF) in March 2022, the UAE has been very active in strengthening its anti-financial crime framework. Rece...

The Economic Crime Bill: How It will Affect Money Laundering in the UK

With sanctions taking centre stage in the international response to Russia’s invasion of Ukraine, property ownership transparency has become a top issue for the UK government. The government has...

Where Do Countries Stand in the FATF AML Effectiveness Report?

The Financial Action Task Force (FATF) said in a report that more than a third of its member countries are now technically compliant with its recommendations. Among the member countries, 76% have sati...

MONEYVAL: Facing Traditional and Modern Money Laundering Methods

The world faces a combination of traditional and newer money laundering methods, according to the Committee of Experts on the Evaluation of Anti-money Laundering (AML) Measures and the Financing of Te...

Thunes Takes Majority Stake in the AML and Compliance Platform Tookitaki

Singapore, 19 April, 2022 – Thunes, a Singapore-based global payments company, today announced that it has taken a majority stake in the anti-money laundering (AML) and compliance technology fir...

AML Fines 2021: What Do The Latest Figures Tell Us?

The latest financial crime fine figures from governance and risk consultancy firm Kroll revealed that global financial watchdogs are turning their attention from large banks to smaller financial insti...

Thunes and Tookitaki Form Powerful Global Alliance for Safe & Secure Payments

  By Abhishek Chatterjee Following the exciting news that Thunes has taken a majority stake in Tookitaki, I’d like to share briefly how the alliance will strengthen both companies. Demand for A...

AML Challenges in the UAE: How Can New Regulations and Technology Help?

Earlier in March, global money laundering watchdog Financial Action Task Force (FATF) placed the UAE in its list of ‘jurisdictions under increased monitoring’ or the so-called grey list. There are...

FinCEN Provides Guidance to Banks on How to Look for Transactions by Sanctioned Russian Elites

The Financial Crimes Enforcement Network (FinCEN) of the United States Treasury issued a warning to financial institutions about how Russian elites who are subject to sanctions might try to get around...

International Women’s Day 2022: Talking to Female Leaders in Tech

To celebrate International Women’s Day, we’re exploring how RegTech businesses can #BreakTheBias in an internal event hosted for all of our staff. We’re putting the spotlight on women in lea...

Dubai Approves Law To Regulate Cryptocurrencies and NFTs

In Dubai, Mohammed bin Rashid approves the Virtual Asset Regulation Law, which establishes a complex regulatory structure to protect virtual asset investors.   Sheikh Mohammed bin Rashid Al Makto...

AML and RegTech: Key learnings from 2021 and what we can expect from 2022

Featuring insights from risk and compliance leaders at Tookitaki, ACAMS, FATF and others. From NFTs and the Metaverse to new legislation, the finance and compliance space is rapidly changing, requirin...

Podcast: Fighting Financial Crime with Regtech

Our Founder and CEO Abhishek Chatterjee spoke to Amrita Vir in The Green Room podcast aired on December 8, 2021. In the episode, Abhishek talks about the fact that only 1% of laundered money is recove...

Tookitaki named in RegTech100 2022 list

Tookitaki is pleased to announce that it has entered the prestigious RegTech100 list for the second consecutive year. This is yet another recognition for Tookitaki for its efforts to revolutionise fin...

Tookitaki named as Rising Star in Chartis RiskTech100 report

Tookitaki is delighted to announce that it has been named as one of the Rising Stars in the latest RiskTech100® report released by Chartis Research, a leading provider of research and analysis on the...

Banking Platform Oxygen Selects Tookitaki as its Primary AML Solution

Tookitaki equips Oxygen to stay ahead of the regulatory environment, combat crime and be effective in meeting its AML compliance obligations   Singapore, November 19, 2021 — Tookitaki, the ...

A Deep Dive Into NatWest’s AML Failure: What Went Wrong?

When the UK Financial Conduct Authority (FCA) announced criminal proceedings against NatWest in March 2021 for anti-money laundering (AML) compliance lapses, the 55% state-owned bank became the first ...

Is your AML compliance software making your bank lose money?

Headlines of increasing fines from regulators and money laundering scandals only increase the demand for technology solutions that overcome compliance challenges. The need for an AML compliance softwa...

The Pandora Papers: Here are the key regulatory compliance lessons

After the much-debated Panama Papers scandal and FinCEN files for their regulatory compliance implications, the Pandora Papers now reveal the unholy partnership between money, power and influence. Com...

What a Real-Life Money Mule Teaches Us of Money Laundering Typologies

We speak to the victims on the other end of financial crime, to lift the lid on the red flags behind trafficking. We unpack how these signs go undetected and how financial institutions and banks can d...

5 Recent Compliance Developments in Cryptocurrency Money Laundering

Discussions about the money laundering risks  that cryptocurrency poses are on the rise. While these currencies are yet to match the traditional financial crime methods in terms of volume and size, t...

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...

Why Do We Need New Customer AML Risk Rating Models?

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 prevent a...

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

Among the slew of financial crimes facilitated by the Internet, money laundering draws importance due to its enormous size and the diverse methods used online to legitimise ill-gotten profits. The pra...

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...