Jakarta, 20 September 2022 - Southeast Asian regulatory technology (regtech) firm Tookitaki expands to Indonesia to support the country in meeting its Anti-Money Laundering (AML) and compliance needs. Headquartered in Singapore, Tookitaki provides end-to-end financial crime solutions to some of the world’s leading financial institutions.
Earlier this year, the Sectoral Risk Assessment (SRA) Task Force was set up and tasked to prevent the misuse of corporations for economic crimes as part of the country’s drive to become a member of the Financial Action Task Force (FATF). The Center for Financial Transaction Reports and Analysis (PPATK) has gone through a long process, particularly since 18 years ago, for Indonesia to become a member of the FATF and gain the trust of member countries.
In the meantime, according to the Financial Transaction Reports and Analysis Centre (PPATK) in Indonesia, 73,000 reports on suspicious financial transactions were filed in 2021, marking an increase from 68,057 in 2020.
Becoming a FATF member nation would allow Indonesia to have greater acceptance in the international business world and gain cooperation in combating money laundering mechanisms and preventing terrorism financing. Additionally, Indonesia will have a larger voice when determining global standards within the context of developing countries and growing trust from foreign investors.
“Indonesia is an untapped market with tremendous potential due to its significance as Southeast Asia’s largest economy. Becoming a FATF member would drive the need for sophisticated technology that will help uncover complex patterns related to money laundering while saving time and improving the accuracy of AML/CFT detection. We are excited to join Indonesia’s Financial Services ecosystem and help in its drive to join the FATF,” said Abhishek Chatterjee, Founder and CEO of Tookitaki.
Tookitaki’s vision is to fight financial crime through a shared community-driven framework rather than siloed current approaches. This is enabled via our AML ecosystem, the Hub and the Anti-Money Laundering Suite or AMLS, the Spoke deployed at the customer side. The AML ecosystem includes the AML network of people and the typology repository. The repository is a library of typologies and a no-code tool that aids in creating new typologies.
The Anti-Money Laundering Suite comprises four modules - Transaction Monitoring, Smart Screening, Customer Risk Scoring, and the Case Manager. AMLS can be deployed in multiple environments, including the public cloud, private cloud, and data centre.
“What makes AMLS a game-changer in this space is how we are improving risk coverage by democratising AML insights through a privacy-protected ecosystem,” said Abhishek.
Tookitaki hopes this business expansion in Indonesia will not only be able to fight the money laundering issue by growing the community but also contribute in a more significant way to developing a safe financial ecosystem in various sectors, including banking, payment services, and others.
Earlier this year, Thunes, a global leader in powering payments, took a majority stake in Tookitaki to accelerate global business expansion. A major focus was deepening its presence in core APAC markets, including Indonesia. With the expansion in Indonesia, Tookitaki started employing Indonesian talents for its local operations to strengthen the country’s pool of regtech talents and contribute to economic growth while accelerating its FATF membership.
