PayMongo teams up with Tookitaki to combat financial crime

PayMongo, a premier payment gateway in the Philippines, has teamed up with Tookitaki to combat financial crime. It has gone live with the Tookitaki’s Anti-Money Laundering Suite (AMLS) to monitor transactions. The move strengthens PayMongo's commitment to reducing risk and enhancing its anti-money laundering program, aligning with compliance norms set out by the Bangko Sentral ng Pilipinas.

 

Tookitaki's AMLS helps PayMongo to swiftly identify and manage suspicious transactions, ensuring that the platform remains compliant with changing regulatory requirements. This collaboration underscores PayMongo's proactive approach to adhering to anti-money laundering policies while facilitating a seamless online payment experience for its customers.

Tookitaki’s innovative approach starts with the AFC ecosystem which is a community of AML experts that come together from around the world to share their knowledge and experience. The community helps to uncover hidden money trails that traditional methods cannot detect and is dedicated to making the world a safer and more secure place. Powered by federated machine learning, the AMLS collaborates with the AFC Ecosystem to ensure that financial institutions always have access to the latest money laundering scenarios 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 in their journey towards strengthening their AML compliance strategy. With the integration of our AMLS, PayMongo can create a robust and secure environment for their customers while maintaining alignment with local regulations."

 

Mr. Jojo Malolos, Chief Executive Officer of PayMongo, stated, "As a payments provider, we place paramount importance on risk management and compliance. Our collaboration with Tookitaki, a pioneer in AML solutions, empowers us to meet and surpass the anti-money laundering norms set by the local regulator, thereby ensuring the safety and trust of our customers."

 

Tookitaki's AMLS is meticulously designed to offer financial institutions a comprehensive solution for AML compliance. By harnessing the power of technology and unique community-based methodologies, Tookitaki delivers efficient and effective AML processes. With the implementation of Tookitaki's AMLS, PayMongo fortifies its commitment to secure and compliant financial transactions.