On November 13, 2023, the financial technology world came together in Mexico City. They gathered to honour the innovators at the Seventh Annual FinTech & RegTech Global Awards hosted by Central Banking. One of the celebrated names was Tookitaki. It was named the Anti-Money Laundering (AML) Technology Partner of the Year. This award shows that Tookitaki is a leader in fighting financial crime.

Tookitaki’s Recognition: Transforming Financial Crime Prevention

The Anti-Money Laundering Technology Partner award celebrates Tookitaki’s groundbreaking approach to financial crime prevention. Leveraging advanced artificial intelligence (AI) and machine learning (ML), Tookitaki’s solutions go beyond traditional methods, providing unmatched adaptability and efficiency in detecting and preventing illicit financial activities. This accolade underscores Tookitaki's pivotal role in empowering financial institutions with tools that proactively anticipate and mitigate financial crimes.

Tookitaki’s Anti-Financial Crime (AFC) Ecosystem, a community-driven, collaborative platform, is at the heart of this innovation. By pooling knowledge and typologies from global financial crime experts, Tookitaki enables institutions to stay ahead of evolving threats. Additionally, the FinCense platform, its end-to-end operating system for AML and fraud management, integrates AI-driven capabilities to enhance compliance, streamline operations, and deliver real-time insights.

Tookitaki: The Trust Layer for Financial Services

Tookitaki’s recognition as the Anti-Money Laundering (AML) Technology Partner of the Year underscores its role as a foundational trust layer for financial institutions. By addressing the complexities of financial crime with precision and innovation, Tookitaki empowers organisations to build trust, ensure compliance, and protect their customers in an ever-evolving threat landscape.

Combating Money Laundering to Build Institutional Trust

Tookitaki’s solutions deliver 100% coverage against emerging money laundering threats, leveraging insights from a global network of financial crime experts. This approach ensures institutions stay ahead of sophisticated criminal activities while maintaining robust defences tailored to their unique needs.

Integrated Protection for Comprehensive Coverage

Through an all-in-one solution combining seamless screening, customer due diligence (CDD), and real-time transaction monitoring, Tookitaki simplifies the complex web of AML processes. By streamlining these critical components, financial institutions can effectively safeguard their operations and enhance customer confidence.

Streamlined Investigations and Regulatory Alignment

Tookitaki also excels in enabling smooth and efficient investigations, providing actionable insights and automated workflows for case management. The platform’s comprehensive reporting tools help organisations fully align with regulatory standards, minimising compliance risks and enhancing institutional accountability.

With its innovative technology and community-driven approach, Tookitaki continues to redefine financial crime prevention, making trust the cornerstone of financial services worldwide.

As financial crime becomes increasingly sophisticated, Tookitaki remains a beacon of technological excellence and collaboration. This award not only validates its transformative solutions but also inspires a future where financial integrity is a shared global priority. By fostering trust, efficiency, and resilience, Tookitaki continues to lead the charge in the fight against financial crime.

We are thrilled to announce that Tookitaki has been named the winner in the Fraud & Financial Crime category for Best Transaction Monitoring Solution at the Regulation Asia Awards for Excellence 2024! This recognition underlines Tookitaki's commitment to advancing financial crime prevention and celebrates our relentless innovation in Anti-Money Laundering (AML) and fraud detection technologies.

Tookitaki was also highly commended in the following categories:

• Best KYC & Onboarding Solution
• Best PEPs & Sanctions Screening Solution
• Best Anti-fraud Solution
  
  

The Regulation Asia Awards, now in its seventh year, remains one of the most coveted accolades in the industry, with over 190 submissions evaluated rigorously by a panel of esteemed judges. This year, Tookitaki's FinCense Transaction Monitoring stood out for its unmatched performance, accuracy, and scalability.

FinCense Transaction Monitoring: A Revolutionary Solution for AML and Fraud Prevention

FinCense Transaction Monitoring by Tookitaki is designed to address the increasingly complex landscape of financial crime with precision, adaptability, and speed. Built as part of Tookitaki’s broader Anti-Financial Crime (AFC) Ecosystem, FinCense leverages a blend of advanced AI and collective intelligence from global financial crime experts to deliver industry-leading transaction monitoring capabilities. Here’s how it transforms anti-money laundering (AML) and fraud prevention:

Key Features and Benefits

1. Comprehensive Risk Coverage

• 100% Risk Coverage: Unlike many industry-standard solutions with 50-60% coverage, FinCense ensures 100% risk detection. This is achieved through integration with the AFC Ecosystem, which continuously updates with insights from a global network of AML and fraud specialists. This collective intelligence allows FinCense to recognize and respond to emerging risks instantly.
• Community-Driven Protection: By tapping into the AFC Ecosystem, FinCense ensures clients have access to the latest financial crime typologies and prevention strategies. This community-powered model helps financial institutions stay ahead of new threats and regulatory demands.

2. Real-Time Detection and Accuracy

• Up to 90% False Positive Reduction: FinCense’s AI detection engine automatically calibrates thresholds for accuracy, reducing false positives significantly and allowing compliance teams to focus on high-quality alerts.
• Real-Time Monitoring: Through machine learning models, FinCense can analyze vast amounts of transactional data in real time. Suspicious patterns are flagged instantly, ensuring timely intervention and reduced risk exposure.

3. Built-in Sandbox for Scenario Testing

• On-the-Go Scenario Testing: Financial institutions can test new financial crime scenarios on live data within the built-in sandbox, eliminating the need for a separate testing environment. This agility allows teams to configure and adapt to new crime patterns swiftly.
• Automated Scenario Management: The sandbox includes an automated testing and threshold-tuning process, significantly reducing manual effort. With a maker-checker review mechanism, teams can implement changes quickly, allowing for rapid response to emerging threats.

4. Seamless Scalability and High Throughput

• Handles Billions of Transactions: FinCense is engineered to support high transaction volumes, with a throughput capability of up to 200 transactions per second, compared to an industry average of 50 TPS. This ensures robust performance as financial institutions grow and transaction volumes increase.
• Adaptable Infrastructure: The platform’s architecture allows it to scale horizontally, making it suitable for financial institutions of all sizes, from traditional banks to high-growth fintech firms.

5. Enhanced Fraud and AML Coverage

• Out-of-the-Box Scenarios: FinCense comes equipped with pre-built scenarios to detect a wide range of fraud and AML issues, from account takeover and impostor fraud to complex AML tactics like money mules and shell company transactions.
• Unified Detection Across AML and Fraud: This comprehensive approach ensures that all types of suspicious behavior are monitored within a single platform, reducing operational silos and improving the accuracy and efficiency of investigations.

6. AI-Enhanced Detection Engine

• Adaptive Learning: FinCense’s AI models continuously learn from transaction data, improving over time without manual adjustments. This keeps the monitoring system effective, with minimal maintenance required from compliance teams.
• Federated Learning Approach: The AI engine benefits from federated learning across institutions, allowing FinCense to adapt to fraud patterns seen across different organizations while preserving data privacy.

7. Integration with Case Management

• Comprehensive Case Management: FinCense integrates seamlessly with Tookitaki’s Case Manager, providing a centralized hub for managing alerts, tracking cases, and generating SAR/STR/CTR reports that comply with local regulations.
• Workflow Automation: Automation within the case management workflow cuts investigation time by up to 50%, freeing up resources for higher-priority cases and enabling faster response to financial crime.

How FinCense Stands Out

1. Community-Powered Intelligence: FinCense stands out in the market for its community-driven intelligence model, harnessing insights from a network of experts through the AFC Ecosystem. This collective approach keeps the platform updated with cutting-edge insights and techniques that enhance detection capabilities across institutions.
2. Regulatory Compliance Made Easier: With its accurate detection and streamlined alert management, FinCense simplifies regulatory compliance. The automated reporting tools align with local AML regulations, making it easier for institutions to stay compliant.
3. Transparent and Explainable AI: FinCense is designed with transparency, allowing institutions and regulators to understand the rationale behind each alert. This explainability builds trust and improves the regulatory validation process.
4. Rapid Deployment: The platform can be deployed quickly—within four weeks—making it a practical choice for financial institutions needing fast, impactful compliance solutions.

Tookitaki’s FinCense Transaction Monitoring is a holistic, AI-powered solution that goes beyond traditional AML and fraud monitoring systems. It empowers financial institutions with the tools to detect and prevent financial crimes effectively, ensuring they remain compliant while optimizing operational efficiency. With FinCense, Tookitaki continues to push the boundaries of what’s possible in financial crime prevention, solidifying its place as a trusted partner in the financial industry.

What This Win Means for Our Clients

For financial institutions, this award validates Tookitaki’s position as a leader in financial crime prevention. With Tookitaki's award-winning solution, clients can confidently navigate complex regulatory environments while ensuring unparalleled compliance and fraud protection.

We thank Regulation Asia for this honour and remain committed to empowering financial institutions with smarter, AI-powered solutions to create a safer financial ecosystem.

To learn more about FinCense and our cutting-edge solutions, please book a meeting with our experts.

Tookitaki is delighted to announce that we have been honoured at the International Business Magazine Awards 2024, winning two distinguished categories: Best Anti-Financial Crime Platform for Fintech Firms 2024 Singapore and Leading Financial Crime Prevention for Banks and Fintechs 2024 Singapore. This recognition is a testament to our relentless pursuit of excellence and innovation in the fight against financial crime.

A Testament to Our Mission

Winning these prestigious awards goes beyond adding another feather to our cap. It embodies Tookitaki's core mission: forging safer societies by revolutionising the way financial institutions combat financial crimes. Our commitment to this vision drives us to develop and refine cutting-edge solutions that ensure the financial industry remains resilient and compliant in the face of evolving threats.

About the FinCense Platform

At the heart of our success is the FinCense platform, a comprehensive solution designed to cover all aspects of Anti-Money Laundering (AML) and fraud prevention. FinCense encompasses modules for name screening, Know Your Customer (KYC)/Customer Due Diligence (CDD), transaction monitoring, and more. This robust platform ensures our clients not only comply with regulatory requirements but also significantly reduce the risk of breaches and penalties. With its scalable architecture, FinCense is tailored to meet the growing needs of leading financial institutions, offering reduced total cost of ownership while maintaining industry-leading standards in compliance and fraud prevention.

The AFC Ecosystem: A Collaborative Approach

Our pioneering Anti-Financial Crime (AFC) Ecosystem is a cornerstone of Tookitaki’s innovative approach. By fostering collaboration among industry experts, the AFC Ecosystem enables a collective intelligence model that enhances the detection and prevention of financial crime. This typology-centric strategy replaces outdated systems, providing scalable, intuitive solutions that dramatically reduce the time-to-market for new security measures.

Celebrating Innovation and Commitment

The International Business Magazine Awards recognize extraordinary achievements across various sectors, including banking, finance, and technology. Winning these awards celebrates Tookitaki's innovative spirit and unwavering commitment to creating a safer, more compliant financial landscape. Our efforts are not just about meeting the current standards but about setting new ones, ensuring that financial institutions can navigate the complex regulatory environment confidently and efficiently.

About the International Business Magazine Awards

The International Business Magazine Awards celebrate outstanding accomplishments in banking, finance, investments, insurance, energy, healthcare, education, logistics, corporate, and technology sectors. These awards honour the exceptional talents and groundbreaking developments that drive progress in these fields. With a global clientele spanning the Middle East, Africa, America, Asia, and Europe, the awards are synonymous with excellence and industry leadership.

Looking Ahead

As we reflect on this achievement, we remain steadfast in our mission to redefine financial crime prevention. With our visionary approach, innovative technology, and collaborative ethos, Tookitaki is poised to continue leading the charge in safeguarding the financial industry. We look forward to further advancements and accolades as we work towards a future where financial crimes are effectively countered, and financial institutions can operate with greater security and compliance.