Financial Crime World

Indonesia Battles Financial Crime with Innovative Solution

Jakarta, Indonesia - The Fight Against Financial Crime

The fight against financial crime is a constant challenge in Indonesia, where financial institutions are under pressure to comply with stringent regulations and prevent money laundering. Amidst this backdrop, Tookitaki has emerged as a trailblazer in the fight against financial crime with its unique Anti-Financial Crime (AFC) Ecosystem.

Indonesia’s AML Compliance Efforts

In recent years, Indonesia has made significant strides in improving its anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. The country is now on track to become a full member of the Financial Action Task Force (FATF), with various laws and regulations in place.

Regulations

  • Regulation No. 14/27/PBI/2012 for Commercial Banks: Implement Anti-Money Laundering and Combating the Financing of Terrorism Programs
  • Regulation No. 19/10/PBI/2017: “Anti-Money Laundering and Prevention of Terrorism Financing for Non-Bank Payment System Service Provider and Non-Bank Currency Exchange Service” Procedure

Traditional Solutions Fall Short

However, traditional solutions for financial crime prevention have limitations that hinder their effectiveness in combating money laundering. These siloed systems lack collaboration capabilities, making it difficult for institutions to share information and best practices. Additionally, rules-based platforms are limited by their reliance on predefined rules, leading to high false positive rates and inefficiencies.

Tookitaki’s AFC Ecosystem: A Game-Changer

Tookitaki’s AFC Ecosystem is a unique approach that leverages the knowledge and experience of financial institutions, regulatory bodies, and risk consultants from around the world. At its heart is the Typology Repository, a live database of money laundering techniques and schemes contributed by the community.

Key Benefits

  • Fosters collaboration and knowledge-sharing among institutions
  • Encourages a more holistic approach to financial crime prevention
  • Breaks down silos and creates a more integrated approach to risk management

How Tookitaki’s AFC Ecosystem Helps

The AFC Ecosystem provides several benefits to financial institutions:

  • Offers a more comprehensive view of the financial crime landscape, enabling institutions to identify and mitigate risks more effectively
  • Encourages collaboration and the sharing of best practices, helping institutions uncover previously unknown risks
  • Provides a federated machine learning approach that minimizes false alerts and allows for a more dynamic and adaptive approach to AML

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.

Moving Forward

As Indonesia continues to strengthen its AML regulations, financial institutions must adapt to the evolving landscape of financial crime prevention. Tookitaki’s AFC Ecosystem is poised to play a significant role in this effort, offering a collaborative and innovative approach that helps institutions stay ahead of emerging threats.

Book a Demo for AMLS

We urge financial institutions in Indonesia to embrace the future of financial crime prevention with Tookitaki’s AFC Ecosystem. With its community-based approach, federated machine learning, and comprehensive suite of solutions, Tookitaki is the future of financial crime prevention. Contact us today to learn more.