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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 global market for risk technology (RiskTech). The Rising Star categ...

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 in the country to face such a fate. Recently, NatWest pleaded guilty to failings in AML compliance and is expected to face a fine amounting to hundreds of millions of pounds. The bank, which was bailed out during the financial crisis, is no stranger to penalties related to its business practices. However, the case teaches a number of lessons to Europe’s financial sector in general and AML compliance professionals in particular. In this article, we will go into the specifics of the case, explore the AML shortcomings of the bank and suggest how banks and financial institutions can effectively address similar situations.   Case details NatWest’s AML problems are in connection with one of its customers named Fowler Oldfield, a century-old jeweller. Fowler Oldfield’s business was shut down in 2016 following a police raid, and court proceedings which revealed that the jeweller was running a multimillion-pound money laundering scheme. Fowler Oldfield had a number of accounts with NatWest. According to the FCA, NatWest failed to adhere to AML requirements in relation to these accounts between 8 November 2012 and 23 June 2016. The jeweller deposited about £365 million in its Natwest accounts over five years, including £264 million in cash. Despite the large amount of cash, the bank’s staff failed to report it as suspicious. Fowler Oldfield was expecting only £15million per year for its sales at the time of opening accounts....

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 software solution that automates processes and decreases the margin for error is needed now more than ever. However, one of the first questions we ask ourselves when investing our budget in a new tool or software is: will this be a worthwhile investment? Will it save us money in the long run and can I prove its worth? With ever changing criminal behaviour, tech is becoming increasingly savvy too. It's important to stay ahead of the game and know what you’re looking for when searching for a software so it saves you time and money rather than sticking to a legacy system. Resource One of the biggest ways your software might not be helping your budget is via resource. Rules-based legacy systems are ill-equipped to keep pace with the techniques employed by criminals to launder money. As closed, static systems they miss the complex money-laundering structures which exploit blind spots between jurisdictions’ regulations. It leaves anti-money laundering (AML) teams with mounting numbers of false positive alerts and backlogs of cases, requiring officers to solve them manually and then provide audit trails themselves. This process can be largely automated, saving you money on hiring more staff.   Employee retention As a result of lack of resources and mistakes, employees soon become overworked and unhappy. This means two things; They become less focused and motivated and start to make even more mistakes....

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 do more to uncover money laundering patterns.   By Abhishek Cha...

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 t...

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, t...

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 fir...

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 sof...

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. ...

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 ca...

Cryptocurrency Money Laundering: 5 Latest Compliance Developments

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 ...

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 pand...

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 com...

AML Fines 2021: Regulators Continue to Be Strict with Enforcement a...

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 ...

How sharing information between institutions helps detect money lau...

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 Counte...

EU Proposes new regulations to take anti-money laundering to the ne...

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 counte...

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 exploi...

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 lendi...

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 countr...

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...

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 — ...

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 comme...

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 gl...

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 correc...

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 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 Laund...

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 ...

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 o...

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-RegTec...

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 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 collabora...

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...

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 a...

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 transaction...

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 in...

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

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 ...

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 awa...

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...

Need for New Customer Risk Rating Models: Not All Customers Are Cre...

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 ...

Is AML Compliance Heading for a New Normal in the Age of Digital Pa...

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 tran...

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 matchi...

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...

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 t...

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 ...

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...

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 c...

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 ...

Typology Repository Management: Solving AML Problems Via Collective...

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...

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...

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 cri...

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 ...

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 m...

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 b...

Roundtable Rewind: Embracing Next-gen Tech & Collaboration Key...

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 o...

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’ extensive...

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 a...

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

– 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...

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 agenc...

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 comp...

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 l...

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 laun...

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 ...

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 t...

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 tou...

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 ...

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...

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 inc...

AI for Regulatory Compliance at Banks: 4 Assessments Before You Oka...

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 costl...

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 someth...

Compliance Functions in Need of a Technological Overhaul. Can Machi...

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 “inchoate...

Tookitaki Raises US$7.5 mn Series A from Global VCs to Transform Re...

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 b...

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 i...

A Modern Approach to Address the Reconciliation Challenges of Finan...

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 ...

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 crime...

Attending ACAMS Conference in Singapore? Tookitaki Awaits You with ...

“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 A...

MAS’ Stress on Transaction Monitoring for Effective AML/CFT Complia...

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 financ...

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 reform...

Is Automated Reconciliation Next to Impossible in Today’s Complex F...

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 t...

Modern Tech to Reshape US AML Compliance with Regulators’ Recent Ha...

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 Matakas...

It’s Our Fourth Founding Day; Taking a Pause to Cherish Our Simple ...

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 T...

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 Unit...

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 ...

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 laund...

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 ...

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 ...

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 Ma...