Excerpt from Yourstory Article – Published on Aug 07, 2023

Tookitaki, a prominent player in anti-money laundering solutions, has unveiled its Compliance-as-a-Service (CaaS) offering tailored for small and mid-size financial institutions globally. This Software-as-a-Service (SaaS) solution provides access to Tookitaki’s flagship compliance solution, the Anti Money Laundering Suite (AMLS), via a secure, self-service platform. Renowned institutions, from traditional banks like UOB to digital-only banks and payment companies such as Tencent, rely on Tookitaki’s AMLS for compliance. The CaaS solution ensures comprehensive risk coverage across customer risk scoring, transaction monitoring, and screening.

With standardized payload specifications and APIs for seamless integration, FIs can go live within a two-week timeframe. The service allows financial institutions to leverage pre-packaged watchlist data alongside their existing data for screening. As a flexible, pay-as-you-go solution, it offers scalability, reliability, and performance for rapid expansion. Industry-standard certifications, including SOC2, reduce reliance on internal IT resources.

Tookitaki’s CEO, Abhishek Chatterjee, expressed the company’s commitment to accessibility and future-proofing financial crime mitigation strategies through regular updates. Notably, a head of compliance at a major e-wallet player praised Tookitaki’s CaaS solution for its lightweight, scalable, and comprehensive risk coverage with a predictable low-cost structure.

Tookitaki’s reputation in the anti-financial crime space is well-established. It introduced the concept of combating financial crime through an ecosystem-driven platform, the Anti-Financial Crime (AFC) ecosystem. This platform enables industry experts to continuously share patterns related to money laundering and terrorist financing. The AFC ecosystem, underpinned by a federated learning framework, powers AMLS to efficiently detect high-quality alerts, enhancing the effectiveness of AML programs.

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