TOOKITAKI Holding Pte Ltd, a private limited company registered in Singapore launched its business in the Philippines last Tuesday. The firm, which sells software monitoring money laundering, has partnered with payment gateway firm PayMongo Philippines Inc.
Tookitaki provides end-to-end financial crime solutions to some of the world’s leading financial institutions . Some of the largest banks and fintech firms in member-states of the Association of Southeast Asian Nations depend on it to transform their anti-money laundering compliance requirements, the company said.
“Unfortunately, this vast flow of money crisscrossing the globe provides cover for money laundering and the Philippines is no exception,” Chatterjee added. “As more Filipino consumers become part of the banking ecosystem and financial crime becomes more sophisticated, the financial institutions in the region need to look beyond traditional and “siloed” AML systems to keep pace with growing business and compliance requirements.
The hub is a collection of intelligence on money laundering patterns. The spoke is a simulation setup and enables local companies to download and test relevant patterns from the hub, detect illicit money trails and stay protected.
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