Caribbean bank BONI chooses Tookitaki’s AML technology

Based on the island of Nevis, BONI provides wealth management services for clients around the world

Bank of Nevis International (BONI) will use Singapore-based Tookitaki’s anti-money laundering (AML) technology. 

BONI has signed up to use an AML suite that features AI learning and, according to Tookitaki, offers sharper detection and fewer false alerts compared to traditional financial crime fighting systems, improving the accuracy and speed of a customer’s compliance programme. 

Founded in 2015, Tookitaki provides its services to banks and fintechs globally, including in the Philippines, China and Singapore.  

Its anti-financial crime ecosystem provides a network to share potential scenarios and tackle complex problems. 

This collective intelligence helps remove the information vacuum created by siloed operations, according to Tookitaki. 

Based on the island of Nevis, BONI provides wealth management services for clients around the world. 

Deji F Akadiri, vice president of fintech and security at BONI, said legacy systems are unable to keep up with rapidly evolving compliance challenges, such as increasingly sophisticated money laundering techniques, and Tookitaki’s AML suite will allow the bank to stay ahead.  

He said: “For our customers, the benefits include a streamlined customer experience, a reduction in false positives, significantly quicker onboarding and vetting.”  

Abhishek Chatterjee, chief executive officer and founder of Tookitaki, said its acquisition of BONI as a client adds to its growing presence in the Latin America region and will help protect even more customers from financial crime. 

Image: BONI 

To learn more about AML, click here to read about regtech Salv: https://fintech-intel.com/regtech-salv-raises-e4m-to-fight-financial-crime/  

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.