Tookitaki, a trusted leader in the anti-money laundering space, announced the launch of its Compliance-as-a–Service (CaaS) solution for small and mid-size financial institutions globally.
This innovative SaaS offering, optimized “for cost and efficiency, gives financial institutions (FIs) access to Tookitaki’s flagship compliance solution – the Anti Money Laundering Suite (AMLS) on a secure, self-service platform.”
Tookitaki’s AMLS is “trusted” by universal banks “such as UOB, regional banks, digital-only banks, e-wallets, and payment companies, including global front-runners like Tencent.”
The CaaS solution reportedly “delivers complete risk coverage across screening, transaction monitoring and customer risk scoring.” It comes with standardised payload specifications, and APIs for seamless integration, “enabling FIs to go live in two weeks.”
The FIs can also leverage pre-packaged watchlist data “for screening in addition to existing watchlist data that they have.”
It is a flexible, pay-as-you-go solution that “scales horizontally, delivering high reliability and performance for rapid growth.” The service includes industry-standard certifications spanning risk, security, and data privacy, “such as SOC2, substantially reducing the dependency on internal IT.”
Mr Abhishek Chatterjee, Founder and CEO of Tookitaki, stated:
“Tookitaki has a proud legacy of supporting both traditional banks and large fintech enterprises with our cutting-edge AML solution. The launch of our Compliance-as-a-Service solution is a significant step in making AMLS more accessible. This SaaS model allows fast-growing fintechs to get to market sooner, and future-proof their financial crime mitigation strategies with regular updates.”
The head of compliance at one of the largest e-wallet players has remarked that Tookitaki’s CaaS solution is an excellent fit “for them as it is lightweight, scalable and offers full risk coverage, along with a predictable low-cost footprint.”
As noted in the update, Tookitaki is a global name “in the world of anti-financial crime. It pioneered the concept of fighting financial crime through an ecosystem or a community-based platform, where patterns on money laundering, and terrorist financing are shared by industry veterans on a continuous basis.”
Titled the Anti-Financial Crime (AFC) ecosystem, it “helps any financial institution to learn, share and use typologies to counter emerging FinCrime patterns and stay safe and secure. Built on a federated learning framework, the AFC ecosystem powers the flagship compliance solution AMLS to detect quality alerts, ensuring effectiveness and efficiency in AML programs.”