February 1, 2023
BONI joins other leading global banks to deploy next-generation AML technology, including AI learning, to combat financial crime
Bank of New Innovation Ltd (BONI) has become the first Caribbean bank to launch Tookitaki’s Anti-Money Laundering Suite (AMLS). BONI has partnered with the Singapore-based tech firm to implement the award-winning technology, which offers sharper detection and fewer false alerts compared to traditional financial crime detection systems. The next generation technology, including AI learning, will help BONI achieve new levels of accuracy and speed in its compliance program.
BONI is a leading provider of holistic wealth management and portfolio management services for clients from around the world. By using AMLS, BONI is joining other leading banks and FinTech’s from across the globe to build agile and scalable compliance programmes and achieve new levels of accuracy and speed.
Deji F. Akadiri, VP of Fintech & Security at BONI, said legacy systems are unable to keep up with rapidly evolving compliance challenges, such as increasingly sophisticated money laundering techniques, and AMLS will allow the bank to stay ahead.
“For our customers, the benefits include a streamlined customer experience, a reduction in false positives, significantly quicker onboarding and vetting, and confidence that BONI is using class-leading proven technology that will continue to learn from changing and evolving data,” said Mr Akadiri.
Abhishek Chatterjee, CEO and founder of Tookitaki, said its partnership with BONI adds to its growing presence in the Latin America region and will help protect even more customers from financial crime.
Tookitaki pioneered the first-of-its-kind community-driven Anti-Financial Crime (AFC) ecosystem that brings together a network of experts to share financial crime scenarios and tackle complex problems related to financial crime. This collective intelligence helps remove the information vacuum created by siloed operations and provides a platform for sharing financial crime scenarios through a privacy-protected framework.
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