Tookitaki adds fraud prevention to AML solution renamed FinCense
“By merging Fraud and AML prevention into a single, powerful solution, we enable financial institutions to capitalise on the synergy to improve detection rates, reduce operational costs and prevent fraud in real-time.”
Tookitaki has rebranded its Anti Money Laundering Suite (AMLS) to FinCense to reflect the enhanced capabilities of its platform, now addressing both fraud and Anti-Money Laundering (AML) risks.
FinCense, with its FRAML solution, aims to bridge the gap between fraud and AML. The platform is designed to facilitate collaboration between fraud and AML prevention teams.
It offers comprehensive protection for both domestic and cross-border payment companies, processing billions of transactions with a high throughput of 200 transactions per second for real-time fraud prevention.
Merging Fraud and AML prevention into a single solution
Abhishek Chatterjee, Founder and CEO of Tookitaki, stated, “Why FinCense? Because it can sense finance aka suspicious patterns. Our transition from AMLS to FinCense signifies more than a name change; it marks a pivotal advancement in compliance solutions available in the market. By merging Fraud and AML prevention into a single, powerful solution, we enable financial institutions to capitalise on the synergy to improve detection rates, reduce operational costs and prevent fraud in real-time.”
The financial industry faces challenges in combating fraud and AML risks, often dealing with operational silos that separate anti-fraud and AML teams. With rising costs, a unified solution is essential, particularly for cross-border payments where financial crime risk is high.
Tookitaki, with its flagship product FinCense, serves financial institutions in 11 countries across Asia, the Middle East, Africa, and the Americas. FinCense is recognized as a highly intelligent fraud prevention platform, providing extensive risk coverage for AML and anti-fraud programs.
At its core is the Anti-Financial Crime Ecosystem (AFC), a community-driven repository of global financial crime patterns. FinCense delivers complete compliance solutions, from onboarding to ongoing due diligence. Its modern data engineering stack ensures real-time responsiveness, superior technical performance, higher throughput, security, and availability.
