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Bank of Nevis International launches Tookitaki’s Anti-Money Laundering Suite

By Edlyn Cardoza

February 03, 2023

  • AMLS
  • Anti-Financial Crime Ecosystem
  • Anti-Money Laundering Suite
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Bank of Nevis International Ltd., BONI, Portfolio Management, Tookitaki, Anti-Money Laundering Suite, AMLS, Financial Crime Detection Systems, FinTech, Compliance, Financial Institutions, Financial Crime, Anti-Financial Crime Ecosystem, LatAmBank of Nevis International Ltd. (BONI), one of the leading providers of holistic wealth management and portfolio management services for clients worldwide, has partnered with Singapore-based Tookitaki to become the first Caribbean bank to launch the tech firm’s Anti-Money Laundering Suite (AMLS).

AMLS provides holistic risk coverage, sharper detection, and significantly fewer false alerts than legacy financial crime detection systems. By using AMLS, BONI is joining other leading banks and FinTechs from across the globe to build agile and scalable compliance programmes and achieve new levels of accuracy and speed.

“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,” said Deji F. Akadiri, VP of Fintech & Security, BONI. “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.”

Tookitaki pioneered the first-of-its-kind community-driven Anti-Financial Crime (AFC) Ecosystem that includes a network of experts and provides a platform for the experts to create a knowledge base to share financial crime scenarios. This collective intelligence is the ability of a large group of AFC experts to pool their knowledge, data, and skills to tackle complex problems related to financial crime and pursue innovative ideas.

Abhishek Chatterjee, CEO and Founder of Tookitaki, said, “We are beyond thrilled to extend our partnership landscape in the LATAM region and collaborate with BONI, facilitating their digitalization journey with our cutting edge AMLS solution. With our highly reliable and customizable solutions, Tookitaki is perfectly positioned to protect customers from financial crime losses.”

The AFC ecosystem is a game changer since it helps remove the information vacuum created by siloed operations. It also provides a platform for sharing financial crime scenarios across an ecosystem through a privacy-protected framework. The network of experts includes risk advisers, legal firms, AFC specialists, consultancies, and financial institutions from across the globe.

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