PR88484

SINGAPORE, March 15, 2021 /PRNewswire=KYODO JBN/ --

-Introduces Tookitaki's Anti-Money Laundering Suite Smart Alert Management

module that differentiates alerts into three risk levels, replacing the legacy

triage function in the current transaction monitoring system more effectively

-The Smart Alert Management saw an improvement of 12x operating effectiveness

for a large global bank

Tookitaki, which provides Compliance Platform as a Service (CPaaS) to global

financial institutions, today announced the release of their whitepaper, titled

"Powering the Next Generation of AML Technology with AI", with contribution

from Celent. The whitepaper introduces Tookitaki's Anti-Money Laundering Suite

(AMLS) Smart Alert Management module, which saw an improvement of 12x in

operating effectiveness for a large global bank whose system generates 80,000+

alerts annually.

To combat the clutter generated in legacy transaction monitoring and screening

processes, the Smart Alert Management module leverages machine learning (ML) to

categorize alerts into three risk categories – low risk, medium risk and high

risk. The solution learns from historical data and investigative outcomes to

build a highly accurate ML model to differentiate and classify alerts under the

three risk levels, helping compliance officers to focus on alerts that matter

most. Financial institutions that generate around 50,000 alerts a year could

see themselves saving US$1.5m per year.

Abhishek Chatterjee, Founder & CEO, Tookitaki, said, "Designed to reduce cost

and drive operational efficiencies, our smart alerts management across

transaction monitoring and screening enables better financial crime

identification in a faster time. Joining hands with Celent to create this

whitepaper helps us drive greater awareness of the efficacy and time-to-value

of AI and ML-powered AML solutions in today's disruptive landscape where

financial crime continues to adapt and evolve rapidly."

"Our resounding success with United Overseas Bank (UOB) is a huge testament to

the agility, maturity and performance of Tookitaki's AMLS, where we saw an

overall true positive prediction rate of 96 per cent with close to 40%

reduction in false positives," he added.

Arin Ray, Senior Analyst at Celent, said, "Financial fraud and money laundering

pose both reputational and regulatory risks for the financial services industry

and its participants. Investments in technological advances and innovation in

the area of anti-money laundering and financial crime compliance have the

potential to improve efficiency and effectiveness of compliance programs of

financial institutions, enhance their financial and shareholder values, and

positively impact the wider ecosystem in the fight against financial crime."

On March 9th, 2021, UOB was named the winner of the Celent Model Risk Manager

Award for 2021 in the Data, Analytics, and AI category due to the successful

implementation of Tookitaki's AMLS. Celent's annual Model Risk Manager Awards

recognize the best technology usage practices in different areas critical to

success in risk.

The white paper is available for download at

https://www.tookitaki.ai/whitepapers/powering-the-next-gen-of-aml-technology-with-ai/

About Tookitaki

Tookitaki Holding Pte. Ltd. delivers Compliance Platform as a Service (CPaaS)

to some of the world's leading banks and financial institutions to help them

transform how they manage their regulatory obligations. The Singapore-based

company's compliance infrastructure harnesses artificial intelligence (AI) to

support a family of smart specialist compliance applications that set new

standards in accuracy, speed and resilience. The uniqueness and robustness of

Tookitaki innovation in the field of regulatory compliance have been

acknowledged worldwide. In 2020, the company won the Regulation Asia Awards for

Excellence and G20TechSprint accelerator. In 2019, the company was selected as

a Technology Pioneer by the World Economic Forum. Tookitaki is backed by

institutional investors like Viola, SIG, Illuminate Financial, Jungle Ventures

and Spring Seeds, an investment arm of the Singapore government.

Media Contacts

PRecious Communications for Tookitaki in Asia-Pacific

Email: tookitaki@preciouscomms.com

T: +65 6303 0567

Source Tookitaki