Thunes acquires majority stake in AML and compliance platform Tookitaki

Tuesday 19 April 2022 09:47 CET | News

Thunes has taken a majority stake in the AML and compliance technology company Tookitaki by investing over USD 20 million.

Per the United Nations Office on Drugs and Crime (UNODC) estimates, between 2 to 5% of the global GDP, or USD 800 billion to USD 2 trillion, is laundered each year. With the increase in cross-border payments, the risk of money laundering also rises, and so do compliance costs.

Adding Tookitaki to Thunes’ global network facilitates payments and other financial institutions to embed automated, streamlined compliance processes, decreasing risks and reducing overall costs. Thunes can extend Tookitaki’s compliance and anti-money laundering (AML) capabilities to further safeguard the businesses and create more transparency around the payment flows of its global customers.

Representatives from Thunes said that this alliance will give all their customers access to next-generation tech compliance systems, reducing the cost of transferring money across borders. At the same time, all Tookitaki's banking and fintech clients will automatically gain access to Thunes' network, unlocking pathways to scale globally.

Thunes and Tookitaki businesses will continue to operate independently, with the alliance augmenting both companies and enabling them to accelerate their global business expansion. Tookitaki was founded in 2014, and employs over 100 people across Asia, Europe, and the US. It delivers AML and compliance solutions to banks and financial institutions, using Big Data and machine learning (ML) technologies. 

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Keywords: AML, digital identity, compliance, acquisition, cross-border payments, fraud prevention
Categories: Fraud & Financial Crime
Companies: Thunes, Tookitaki
Countries: World
This article is part of category

Fraud & Financial Crime




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