Brief about Tookitaki.
Today, financial institutions are spending US$250 billion + annually in regulatory compliance, says a recent report from KPMG. It also states that compliance department constitutes of 10-15% of a bank’s workforce. The manual dependency and heavy spends are encouraging FIs to rethink on the design and sustainability of current compliance programs. Tookitaki combines machine learning, distributed systems and business expertise to create building blocks of sustainable compliance management.
Headquartered in Singapore with global offices in the US and India, the regtech start up has developed solutions to prevent money laundering, terror financing and automate large-scale banking reconciliations. Both the solutions, anti-money laundering suite (AMLS) and reconciliation suite (RS), have been tried and tested by FIs globally. A few noteworthy highlights include:
United Overseas Bank acknowledges AMLS capabilities
Deloitte performs independent validation of AMLS results
Societe Generale drives operational efficiency through RS
Singapore Accreditation Accreditation program from the Singapore Gov