Bank of Nevis International has become the first Caribbean bank to implement Tookitaki’s anti-money laundering technology.
Singapore-based Tookitaki has built AMLS, which offers holistic risk coverage, sharper detection and fewer false alerts than legacy financial crime detection systems, it claims.
Additionally, the RegTech company launched the first-of-its-kind community-driven anti-financial crime ecosystem. This network allows experts to create a knowledge base and share financial crime scenarios.
Through collaborative intelligence, those fighting financial crime can share their knowledge, data and skills to improve their efforts. Users of the solution include risk advisers, legal firms, AFC specialists, consultancies, and financial institutions from across the globe.
Speaking on the partnership, BONI VP FinTech and security Deji F. Akadiri said, “Current legacy financial crime detection systems are not able to keep pace with emerging compliance challenges, such as sophisticated money laundering techniques and a fragmented regulatory landscape. Tookitaki AMLS enables BONI to harness the power of next-generation technology, including AI learning, to meet rapidly evolving compliance requirements.
“For our customers, the benefits include a streamlined customer experience, a reduction in false positives, significantly quicker onboarding and vetting, and confidence that BONI is using class-leading proven technology that will continue to learn from changing and evolving data.”
Last year, Tookitaki raised $20m in an investment from global payments firm Thunes. As port of the deal, the PayTech company acquired a majority stake in Tookitaki.
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