PayMongo, a leading payment gateway in the Philippines, has partnered with Tookitaki to fight financial crime. It comes alive with Tookitaki’s Anti-Money Laundering Suite (AMLS) to monitor transactions. The move reinforces PayMongo’s commitment to reduce risk and enhance its anti-money laundering program, conforming to the compliance rules set forth by the Bangko Sentral ng Pilipinas.
Tookitaki’s AMLS helps PayMongo rapidly identify and manage suspicious transactions, ensuring the platform remains compliant with changing regulatory requirements. This collaboration highlights PayMongo’s proactive approach to complying with anti-money laundering policies while facilitating a seamless online payment experience for its customers.
Tookitaki’s new approach starts with the AFC ecosystem which is a community of AML experts who come together from around the world to share their knowledge and experience. The community helps discover hidden money channels that cannot be found by traditional methods and is dedicated to making the world a safer and more secure place. Powered by federated machine learning, AMLS collaborates with the AFC Ecosystem to ensure that financial institutions always have access to the latest money laundering situations and stay one step ahead of financial criminals.
Mr. Abhishek Chatterjee, Founder and Chief Executive Officer of Tookitaki, said, “We are excited to partner with PayMongo on their journey towards strengthening their AML compliance strategy. With the integration of our AMLS, PayMongo can create a stable and secure environment for their customers while continuing to align with local regulations.
Mr. Jojo Malolos, Chief Executive Officer of PayMongo, stated, “As a payment provider, we attach importance to risk management and compliance. Our collaboration with Tookitaki, a pioneer in AML solutions, empowers us to meet and exceed the anti-money laundering rules set by the local regulator, thus ensuring the safety and confidence of our customers.
Tookitaki’s AMLS is carefully designed to offer financial institutions a comprehensive solution for AML compliance. By harnessing the power of technology and unique community-based approaches, Tookitaki delivers efficient and effective AML processes. With the implementation of Tookitaki’s AMLS, PayMongo reinforces its commitment to secure and compliant financial transactions.