Financial Crime World

Financial Inclusion and Crime in Indonesia: A New Era of Prevention

Indonesia’s fight against financial crime has reached a critical juncture as criminals adapt to new technologies and regulatory environments. To stay ahead of the curve, financial institutions must implement effective anti-money laundering (AML) compliance systems, but traditional solutions are no longer sufficient.

The Limitations of Traditional Solutions

Traditional AML solutions, such as rules-based platforms, have limitations that hinder their effectiveness. These systems:

  • Are often siloed
  • Lack collaboration capabilities
  • Rely on predefined rules that can lead to high false positive rates

In Indonesia, non-compliance with AML regulations can result in fines of up to IDR100 billion and prison sentences of up to 20 years.

Tookitaki’s Anti-Financial Crime (AFC) Ecosystem

Tookitaki is a trailblazer in the fight against financial crime with its innovative AFC Ecosystem. This community-based platform:

  • Leverages the knowledge and experience of financial institutions, regulatory bodies, and risk consultants from around the world
  • Features a live database of money laundering techniques and schemes contributed by the community (Typology Repository)
  • Fosters collaboration and knowledge-sharing among institutions, breaking down silos and creating a more integrated approach to risk management

Benefits of Tookitaki’s AFC Ecosystem

The AFC Ecosystem provides several key benefits over traditional solutions:

  • Encourages financial institutions to share best practices and uncover previously unknown risks
  • Breaks down silos and creates a more integrated approach to risk management
  • Fosters collaboration among institutions, regulatory bodies, and risk consultants

Tookitaki’s Anti-Money Laundering Suite (AMLS)

Tookitaki’s 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:

  • Minimizes false alerts
  • Reduces workload for compliance teams
  • Allows for a more dynamic and adaptive approach to AML

The Future of Financial Crime Prevention in Indonesia

As Indonesia continues its journey towards becoming a full member of the FATF, financial institutions must adapt to evolving threats and regulatory changes. By embracing Tookitaki’s AFC Ecosystem and Anti-Money Laundering Suite, institutions can stay ahead of the curve in the fight against financial crime.

Join the Fight Against Financial Crime

We urge financial institutions in Indonesia to book a demo for AMLS and join the community of financial crime prevention experts. Contact us today to learn more about how Tookitaki is revolutionizing the fight against financial crime.