Tookitaki and Hewlett Packard join forces on AI anti-money laundering solution

Hewlett Packard Enterprise (HPE) and financial compliance solutions provider Tookitaki have announced a collaboration that will utilise AI in the fight against money laundering.

Offering the service to banks and financial institutions across APAC, it combines Tookitaki's AI-powered anti-money laundering solution with HPE GreenLake for Big Data. This combined effort enables clients to create a central big data platform to perform AI analytics and enable AI solutions against money laundering, with the agility, flexibility and scalability of the cloud experience. 

UOB is the first financial institution to buy in to the new solution, enhancing its operational abilities to combat money laundering through AI. The bank was also able to customise Tookitaki's AI to meet its specific needs. The bank screens 60,000 account names monthly to determine if they belong to people or entities on global regulatory watch lists, and with the AI-enhanced anti-money laundering system, UOB can more accurately pinpoint high-priority cases from over 5,700 monthly transactions that are flagged as suspicious. Among high-priority cases, their screening and monitoring has achieved a 96% prediction accuracy.

"Moving from a successful pilot to implementation with UOB is a testament to our collaboration with HPE to optimise machine learning-powered anti-money laundering solutions for financial institutions,” said Abhishek Chatterjee, co-founder and CEO of Tookitaki.

"Together with HPE’s deep domain expertise in big data as-a-service and developing solution blueprints to rapidly design and deploy AI solutions, our systems use a combination of distributed data-parallel architecture and machine learning to ensure scalability across multiple layers of technologies and systems. Banks are able to benefit from this collaboration by implementing high module accuracy systems to ensure they are staying compliant at a time when organisational growth and business continuity are crucial to success."