Financial Crime World

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Indonesia’s Fight Against Financial Crime: How Tookitaki is Revolutionizing Prevention

The battle against financial crime is an ongoing struggle, with criminals constantly adapting to new technologies and regulatory environments. In Indonesia, financial institutions are under intense pressure to comply with stringent regulations and ensure they are doing everything possible to prevent financial crime. That’s where Tookitaki comes in - a trailblazer in the fight against financial crime with a unique approach that sets it apart from traditional solutions.

AML Compliance in Indonesia: A Complex Landscape

Indonesia has made significant strides in improving its anti-money laundering (AML) and counter-terrorist financing (CTF) regime, having been removed from the Financial Action Task Force (FATF) blacklist. The country is now on track to become a full member of the FATF.

Various laws and regulations are in place to combat money laundering and terrorist financing, including:

  • Law No. 3 of 2011
  • Law No. 5 of 2018
  • Law No. 8 of 2010
  • Law No. 9 of 2013
  • Regulation No. 14/27/PBI/2012 (Bank of Indonesia)
  • Regulation No. 19/10/PBI/2017 (Bank of Indonesia)

However, the increasing digitalization of services, growing amounts of data, and surge in regulatory pressure have accentuated the need for effective AML compliance systems. Non-compliance can result in fines of between IDR 10 billion and IDR 100 billion and prison sentences of up to 20 years.

Traditional Solutions: Limitations and Drawbacks

Traditional solutions for financial crime prevention, such as rules-based platforms, have been the norm for decades. However, these systems have limitations that hinder their effectiveness in combating money laundering, including:

  • Siloed nature
  • Lack of collaboration capabilities
  • Reliance on predefined rules

Tookitaki’s AFC Ecosystem: A New Approach to Financial Crime Prevention

Tookitaki’s Anti-Financial Crime (AFC) Ecosystem is a community-based platform that leverages the knowledge and experience of financial institutions, regulatory bodies, and risk consultants from around the world. At its core is the Typology Repository, a live database of money laundering techniques and schemes contributed by the community.

The AFC Ecosystem offers several key benefits over traditional solutions, including:

  • Fostering collaboration and knowledge-sharing among institutions
  • Breaking down silos
  • Creating a more integrated approach to risk management

How Tookitaki’s AFC Ecosystem Helps in Fighting Financial Crime

The community-based approach of the AFC Ecosystem provides several benefits to financial institutions, including:

  • A more comprehensive view of the financial crime landscape
  • Identification and mitigation of risks more effectively
  • Encouragement of collaboration and sharing of best practices

Tookitaki’s Anti-Money Laundering Suite (AMLS)

Tookitaki’s Anti-Money Laundering Suite (AMLS) is closely integrated with the AFC Ecosystem, extracting new typologies from the repository and executing them at the customer’s end. This federated machine learning approach has several advantages over traditional rules-based systems, including:

  • Minimizing false alerts
  • Allowing for a more dynamic and adaptive AML program

Moving Forward: Embracing the Future of Financial Crime Prevention

By leveraging the collective knowledge and experience of the AFC community, financial institutions in Indonesia can stay ahead of evolving threats and regulatory changes. Tookitaki’s AFC Ecosystem is the future of financial crime prevention, offering a comprehensive suite of solutions that are revolutionizing the way financial institutions approach AML compliance.

Embracing the Future

We urge financial institutions in Indonesia to embrace the future of financial crime prevention with Tookitaki’s AFC Ecosystem. Book a demo for AMLS today and discover how this innovative platform can help your institution stay ahead of the curve.