Bank of Nevis International taps Tookitaki for AML tech
Bank of Nevis International (BONI), a Caribbean bank which provides wealth and portfolio management services to clients around the world, has tapped Singapore’s Tookitaki for its anti-money laundering (AML) tech.
BONI taps Tookitaki for AML tech
The bank will deploy Tookitaki’s Anti-Money Laundering Suite (AMLS), which the regtech firm says provides risk coverage, sharper detection, and significantly fewer false alerts than legacy financial crime detection systems, allowing BONI to 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,” says Deji Akadiri, VP of fintech and security at BONI.
He adds that Tookitaki’s AMLS offering equips the bank with “next-gen” technology, including AI learning, to meet “rapidly evolving” compliance requirements as well as speed up its onboarding and vetting processes.
Founded in 2014, Tookitaki is a regtech company providing AML and compliance technology to banks and fintechs. It currently employs over 100 people across Asia, Europe, and the US.
