Broadridge adds Tookitaki’s AML solution to Intelligent Automation suite
Tookitaki means hide-and-seek in Bengali. Tookitaki use machine learning to construct an automated model to simulate the hide/seek behavior in humans.
Broadridge has partnered with Tookitaki to launch its Anti-Money Laundering Solution (AMLS), an ML-based AML platform that global financial institutions can use to substantially decrease false alerts and realize productivity gains while improving risk mitigation.
The Broadridge AMLS is designed for firms and institutions looking to enhance their anti-money laundering surveillance to detect illicit money flows and bad actors.
The AML product is powered by machine-learning techniques like AutoML, federated learning, and network science to accurately detect complex money laundering activities and triage legacy system alerts through a Smart Alert Management system to accurately prioritize alerts for either rapid dispositions or increased due diligence.
The Broadridge new solution complements the existing Intelligent Automation suite by covering transaction monitoring, name screening, alert prioritization, and customer risk scoring.
Alastair McGill, General Manager of Data Control Solutions at Broadridge, said: “The application of machine learning to improve the results of primary transaction, KYC, or sanction screening services makes sense for firms across the financial services spectrum that have entrenched investments in legacy applications.
“By leveraging new ML techniques to identify suspicious activity, we are enabling firms to make faster and more informed decisions, enhancing operational efficiencies, realizing savings, and bringing together entire Data Control functions within one intelligent automation platform.”
Broadridge said the amount of money laundered annually stands at $1.6 to $2 trillion and less than 1% of this laundered money is traced.
The firm argues that the financial crime prevention ecosystem is fragmented and vulnerable to emerging threats and many rules-based AML solutions are not sufficient as money laundering techniques become more sophisticated.
Tookitaki, the Singapore-headquartered RegTech firm behind Broadridge’s new AML solution bas been innovating the regulatory compliance space by developing software solutions to maximize efficiency and effectiveness of compliance processes.
Tookitaki means hide-and-seek in Bengali. Tookitaki use machine learning to construct an automated model to simulate the hide/seek behavior in humans.
The firm was launched in November 2014 and has offices in Charlotte, North Carolina, US, and Bangalore, India.
Broadridge, one of the largest fintech firms in the world, has recently announced direct access to the Itiviti NYFIX Matching’s automated trade allocation, confirmation, and affirmation capabilities with a solution that is multi-asset, global, and fully hosted.
The move comes five months after completing the acquisition of Itiviti, the provider of cross-asset trading solutions covering the full trade lifecycle, in a $2.5 billion deal.
