RegTech: Bringing Disruption in Current Compliance Space

It is said that RegTech is the new FinTech and the next big thing in the financial services industry. Tookitaki is 100% focused on RegTech, which is a USD100-bn+ opportunity in the coming years. AML/CFT, fraud prevention, regulatory compliance automation, case management, employee surveillance, management information and reporting are the key areas of RegTech focus. Tookitaki currently offers AI/ML solutions in the areas of AML/CFT and Reconciliation Management. While financial institutions deal with terabytes of data and increasingly complex transactions along with regulations in a constant flux, Tookitaki’s solutions based on modern-era technologies will substantially increase the efficiency and effectiveness of compliance programs.

Anti-Money Laundering Suite (AMLS)

AMLS is a proven, end-to-end, machine learning-powered solution, which improves operational efficiency, mitigates the risk of money laundering and reduces the cost of compliance. The solution offers two modules for transaction monitoring and names screening. Current AML systems produce a large number of false alerts, and they are ineffective when it comes to detecting money laundering cases where criminals employ sophisticated technologies. By adopting our platform, banks can improve the overall functioning of their systems by reducing the risks associated with regulatory compliance, and operational and reputational damages. AMLS dramatically reduces false alerts by 40-60% and also reduces risk by improving true positives (SAR/STR) by 5%.

Reconciliation Suite (RS)

RS is a proven, end-to-end, AI/ML-powered matching and substantiation solution, which improves quality and efficiency in the investigation process and reduces the cost of reconciliation. It has separate modules for matching and substantiation. Reconciliation is a cumbersome process for financial institutions as current solutions miss a lot of genuine match cases and produce a large number of exceptions/breaks. These breaks need to be manually resolved. RS offers exponential benefit in the reconciliation process through smart automation of the complex manual process in the reconciliation process. Instead of rules-based handling, RS uses our smart algorithms to understand and learn from patterns (historic reconciliation cases) and then helps in making decisions beyond the rules-based process. RS provides automatic exception/break management, adjustment amount recommendation and smart exception assignment process in a scalable and accurate manner.