Tookitaki Powers AI-Driven Anti-Money Laundering Solution Using HPE...
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 Tookitaki’s artificial intelligence (AI) powered anti-money laundering...
AMLA 2020: 8 Key Provisions that Financial Institutions Required to...
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 reforms related to the country’s response to anti-money laundering/countering the financing of terrorism (AML/CFT). Named the Anti-Money Laundering Act (AMLA) of 2020, the AML/CFT reforms are considered substantial as they amended a large number of provisions in the USA PATRIOT Act of 2001 as well as the Bank Secrecy Act (BSA). “This bipartisan legislation protects Americans by depriving criminals and terrorists of the tools they use to finance illicit activity. It is the first serious overhaul of our anti-money laundering system in decades, ...
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 communique and reports, highlighting that the COVID-19 pandemic has been a catalyst for the adoption of RegTech. In a recent speech at the MENA Regtech Virtual Executive Boardroom, David Lewis, FATF Executive Secretary, said: “The pandemic is a challenge for us all but it also presents opportunities – both for criminals and for us.” He added that the pandemic “has been and should be a catalyst for the adoption of RegTech, and more efficient and effective AML/CFT measures.” Here, we would see the pandemic-related challenges (opportunities) that should prompt the increased adoption of RegTech by financial institutions.
Money laundering remained consistent but became more dynamic
Though the resilience of nations to combat money laundering varies due to their compliance approaches, social distancing measures and the availability of infrastructure, the threat remains consistent during the pandemic times. At the same time, criminals became more dynamic with their money laundering schemes, ‘effectively’ making use of the scare and helplessness of people.
In its report in December, the FATF highlighted a number of COVID-19-related Money Laundering/Terrorist Financing (ML/TF) risks and predicate offences. The global watchdog noted that there have been mountin...
Hakrinbank Selects Tookitaki to Ensure Sustainable Financial Compli...
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 its legacy system and augment its ability to better detect, prioritise, investigate, report and prevent financial crime, Hakrinbank chose Tookitaki to deploy the RegTech’s cutting-edge Anti-Money Laundering Suite (AMLS) offering into production, harnessing the bank’s unique mix of customer, account and transaction data.
In the past, the alert handling at the Hakrinbank was mainly manual because of the number of false positives (alerts that do not represent suspicious activity). The bank wanted a system that could reduce the alert volume while not increasing the risk of missing any suspicious activity. Tookitaki was selected after demonstrating superior suspicious AML pattern detection using a modern solution architecture that can replace the bank’s existing systems over time and provide a migration path for future Artificial Intelligence (AI) and Machine Learning (ML) capabilities.
Tookitaki’s Anti-Money Laundering Suite (AMLS) is an award-winning, end-to-end, machine learning solution with modules around transaction monitoring and names screening. This solution complements current legacy systems, reduces false alerts, and detects ‘missed’ suspicious cases, augmenting both the efficiency and effectiveness of AML compliance processes. The solution will help Hakrinbank prioritize alerts smartly, use AI to increase detection accuracy and impro...
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 with 10 mature RegTech adopters to build out a common set of fundamental requirements around data, analytics, information delivery, collaboration, and skills and expertise.
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 sanctions as an important measure for political foreign policy. They,...
