SINGAPORE, Feb. 5, 2024 /PRNewswire/ -- Tookitaki, a trusted leader in the financial crime space, announced the rebranding of its flagship Anti Money Laundering Suite (AMLS) to FinCense. This strategic move is aimed at better representing the enhanced capabilities of its compliance platform, which now seamlessly addresses both fraud and AML risks.

The convergence of fraud and AML challenges has reshaped the compliance landscape, leading financial institutions to seek a unified solution. Currently, operational silos divide anti-fraud and AML teams. As costs continue to soar, a complete solution to manage both is needed.

This is especially critical in cross-border payments, where protection from Financial Crime risk is vital. FinCense bridges the gap between fraud and AML with its FRAML solution.

Mr. Abhishek Chatterjee, Founder and CEO of Tookitaki, emphasised the significance of this rebranding, stating, "Why FinCense? Because it can sense finance aka suspicious patterns. Our transition from AMLS to FinCense signifies more than a name change; it marks a pivotal advancement in compliance solutions available in the market. By merging Fraud and AML prevention into a single, powerful solution, we enable financial institutions to capitalise on the synergy to improve detection rates, reduce operational costs and prevent fraud in real-time."

FinCense fosters collaboration between fraud and AML prevention, with a comprehensive platform adept at handling both domains' complexities.

Recognizing the unique intricacies of cross-border payments and their susceptibility to both Fraud and AML risks, FinCense has been carefully crafted to provide real-time protection for domestic and cross-border payment companies. FinCense is built for scale by processing billions of transactions with high throughput at 200 TPS for real-time fraud prevention.

About Tookitaki

Tookitaki is a global name in the world of anti-financial crime. Its flagship product FinCense serves the world's leading financial institutions in 11 countries across Asia, Middle East, Africa, and Americas to detect and prevent financial crime. FinCense is the industry's most intelligent fraud prevention platform and provides financial institutions with unparalleled risk coverage for AML and Anti-Fraud programs. At the heart of its innovation is the Anti-Financial Crime Ecosystem (AFC), industry's first community-driven digital repository of global FinCrime patterns. FinCense offers end-to-end compliance, from onboarding to ongoing due diligence. FinCense's modern data engineering stack assures real-time responsiveness and superior technical performance, ensuring higher throughput, security and availability.