Tookitaki Wins Regulation Asia Awards for Excellence 2024

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.