Tookitaki, a trailblazer in regulatory compliance, has recently garnered global recognition for its innovative work in the field. The company was honoured with the prestigious title of "Technology Pioneer" by the World Economic Forum (WEF) for its cutting-edge Anti-Money Laundering Suite (AMLS). This accolade distinguishes early to growth-stage companies that are making significant strides in the design, development, and deployment of new technologies and innovations, with the potential to leave a lasting impact on business and society.
Tookitaki's Anti-Money Laundering Suite (AMLS)
At the heart of Tookitaki's groundbreaking work lies its Anti-Money Laundering Suite (AMLS), an end-to-end, machine learning-powered solution. AMLS enhances operational efficiency, mitigates the risk of money laundering, and reduces the cost of compliance. The solution has already proven its efficacy during a pilot project with United Overseas Bank (UOB), where it demonstrated a substantial reduction in false alerts and improved detection of true suspicious cases through its advanced algorithms.
Overcoming Challenges of Traditional AML Solutions
Traditional AML solutions, primarily rules-based, face several challenges in effectively detecting and preventing money laundering. These solutions employ a unidimensional detection logic, which often fails to identify sophisticated money laundering operations, consequently exposing financial institutions to reputational and financial risks. Moreover, traditional systems cannot keep pace with the rapidly evolving tactics employed by criminal organizations, which operate beyond static, predefined transactional actions. Additionally, these systems generate numerous false alerts and struggle to scale with new policies, resulting in inefficiencies and compliance backlogs.
AMLS Advantages in AML/CFT Programs
Tookitaki's AMLS offers a transformative approach to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) programs. By leveraging machine learning, the solution drastically improves the overall functioning of AML/CFT programs, delivering increased effectiveness and efficiency. Specifically, AMLS has been shown to reduce false alerts by 40% and boost suspicious transaction reports (STRs) by 5% for transaction monitoring. The solution achieves a 50-60% reduction in false alerts across individuals and corporations for name screening.
Benefits of Tookitaki's AMLS
Tookitaki's AMLS effectively addresses the shortcomings of traditional AML solutions, offering several key benefits:
- Improved risk coverage: The solution identifies new STRs, enhancing overall risk management.
- Reduced false positives: AMLS streamlines the alerts disposition process, minimizing false alerts.
- Better regulatory compliance: The solution provides detailed explanations for every alert, ensuring transparency and adherence to regulatory requirements.
- Integrated AML view: AMLS delivers actionable analytics across key components of transaction monitoring and name screening.
- Seamless integration: The solution complements and integrates effortlessly with existing AML systems.
Tookitaki's Participation in WEF Events
Following its selection as a Technology Pioneer, Tookitaki CEO Abhishek Chatterjee received an invitation to participate in the WEF Annual Meeting of the New Champions, also known as "Summer Davos," held in Dalian, China, from July 1-3. Many Pioneers, including Tookitaki, will also attend the Annual Meeting in Davos in January 2020 and continue to contribute to Forum initiatives over the next two years.
"Tookitaki is extremely delighted and honored to be acknowledged as a pioneer by the World Economic Forum," said Chatterjee. "This rare feat confirms the robustness and uniqueness of our technology in building a better compliant world. Money laundering is a crime of momentous concern across the globe due to its growing size and complexity, while the current detection techniques seriously lag behind. Our future-proof solution can aptly address money laundering, and we look forward to contributing to the Forum dialogues on this challenge."
"We're excited to welcome Tookitaki to this year's innovative class of technology pioneers," says Fulvia Montresor, Head of Technology Pioneers at the WEF. "Tookitaki and its fellow pioneers are leaders in using novel technologies to transform their industries. We see great potential for these next-generation companies to shape solutions to global challenges and improve society for years to come."
Selection Process and Past Recipients
The Technology Pioneers were selected by a committee comprising more than 59 academics, entrepreneurs, venture capitalists, and corporate executives. The committee based its decisions on innovation, potential impact, and leadership criteria. Past recipients of the prestigious title include prominent companies such as Airbnb, Google, Kickstarter, Mozilla, Palantir Technologies, Spotify, TransferWise, Twitter, and Wikimedia.
Conclusion
Tookitaki's recognition as a WEF Technology Pioneer highlights the impact and innovation of its Anti-Money Laundering Suite (AMLS) in the fight against financial crime. By harnessing the power of machine learning, Tookitaki's AMLS offers a transformative approach to AML compliance, providing financial institutions with improved risk management, streamlined compliance processes, and more accurate detection of suspicious activities. To learn more about Tookitaki's groundbreaking solutions and their potential to revolutionize the financial industry, consider booking a demo for Tookitaki's AML solutions today.
The official press release from the World Economic Forum.
