Manila, Philippines — In a groundbreaking alliance to strengthen the Philippines’ financial system, Tookitaki Holding Pte. Ltd., a global leader in financial crime prevention technology, and the Association of Bank Compliance Officers (ABCOMP), have signed a Memorandum of Understanding (MOU), marking this a pivotal step toward enhancing anti-money laundering measures, fortifying fraud prevention, and advancing the country's goal of exiting the Financial Action Task Force (FATF) grey list.
"This collaboration is not only timely but aligns directly with our national agenda,” said Ma. Bernadette T. Ratcliffe, President of ABCOMP. "By partnering with Tookitaki, we are equipping our financial institutions with enhanced detection and prevention capabilities, which are critical for meeting FATF requirements and restoring global confidence in the Philippines’ financial system.”
Strengthening the Philippines’ Financial Crime Defence
The Philippines has faced heightened scrutiny since landing on the FATF grey list, underscoring vulnerabilities in anti-money laundering (AML) and counter-terrorism financing. Exiting this list remains a top government priority due to its impact on the nation’s reputation and financial stability.
With financial crimes on the rise, these schemes often involve vulnerable individuals laundering illicit funds, with each transaction yielding commissions up to ₱5,000. Additionally, account takeover fraud is also on the rise, as cybercriminals use phishing and social engineering tactics to access accounts, leading to more than ₱400 million in losses. Investment scams targeting Overseas Filipino Workers have also caused devastating losses, totalling over ₱100 billion in 2024, and deeply impacting families who rely on remittances.
In response to these mounting challenges, the Tookitaki-ABCOMP partnership represents a proactive effort to fortify the country’s financial crime prevention framework. Tookitaki’s innovative Anti-Financial Crime (AFC) Ecosystem provides a technology-driven platform that connects global financial experts and institutions, while ABCOMP offers invaluable local expertise, drawing on the in-depth knowledge of chief compliance officers within the Philippine banking sector.
Enhancing Collaborative Efforts
The MOU also establishes a framework for regular knowledge-sharing sessions and collaborative initiatives. Members will gain exclusive access to the largest library of AML and fraud scenarios, regularly updated to reflect the latest trends and typologies. This proactive approach promotes the exchange of valuable insights and fosters a culture of continuous learning.
Abhishek Chatterjee, CEO of Tookitaki, expressed his excitement about the partnership, stating, “We are honoured to collaborate with ABCOMP in this critical initiative. Our shared goal is to create a more robust and effective approach to financial crime prevention in the Philippines. By pooling our resources and expertise, we can make significant strides toward enhancing compliance and restoring confidence in the financial system.”
This collaboration emphasises the importance of public-private partnerships in tackling systemic challenges. Tookitaki will also support the development of a quarterly white paper to share key insights with the financial community and regulators.
A Step Towards Financial Integrity
As the Philippines intensifies its efforts to exit the FATF grey list, the Tookitaki-ABCOMP partnership plays a crucial role in demonstrating tangible progress. The combined expertise and resources from this collaboration reflect a strong commitment to safeguarding the integrity of the country’s financial system.
By merging advanced technology with local knowledge, the partnership sets new standards for compliance and financial integrity–serving as a model for how collaboration and innovation can drive lasting change, and ultimately building a future where economic growth and security are aligned.
About ABCOMP
The Association of Bank Compliance Officers (ABCOMP) sees itself as a prime catalyst in setting the Philippine banking industry to world class standards.
Content that might peak your interest
