-Introduces Tookitaki's Anti-Money Laundering Suite Smart Alert Management module that differentiates alerts into three risk levels, replacing the legacy triage function in the current transaction monitoring system more effectively -The Smart Alert Management saw an improvement of 12x operating effectiveness for a large global bank Tookitaki, which provides Compliance Platform as a Service (CPaaS) to global financial institutions, today announced the release of their whitepaper, titled "Powering the Next Generation of AML Technology with AI", with contribution from Celent. The whitepaper introduces Tookitaki's Anti-Money Laundering Suite (AMLS) Smart Alert Management module, which saw an improvement of 12x in operating effectiveness for a large global bank whose system generates 80,000+ alerts annually. To combat the clutter generated in legacy transaction monitoring and screening processes, the Smart Alert Management module leverages machine learning (ML) to categorize alerts into three risk categories – low risk, medium risk and high risk. The solution learns from historical data and investigative outcomes to build a highly accurate ML model to differentiate and classify alerts under the three risk levels, helping compliance officers to focus on alerts that matter most. Financial institutions that generate around 50,000 alerts a year could see themselves saving US$1.5m per year. Abhishek Chatterjee, Founder & CEO, Tookitaki, said, "Designed to reduce cost and drive operational efficiencies, our smart alerts management across transaction monitoring and screening enables better financial crime identification in a faster time. Joining hands with Celent to create this whitepaper helps us drive greater awareness of the efficacy and time-to-value of AI and ML-powered AML solutions in today's disruptive landscape where financial crime continues to adapt and evolve rapidly." "Our resounding success with United Overseas Bank (UOB) is a huge testament to the agility, maturity and performance of Tookitaki's AMLS, where we saw an overall true positive prediction rate of 96 per cent with close to 40% reduction in false positives," he added. Arin Ray, Senior Analyst at Celent, said, "Financial fraud and money laundering pose both reputational and regulatory risks for the financial services industry and its participants. Investments in technological advances and innovation in the area of anti-money laundering and financial crime compliance have the potential to improve efficiency and effectiveness of compliance programs of financial institutions, enhance their financial and shareholder values, and positively impact the wider ecosystem in the fight against financial crime." On March 9th, 2021, UOB was named the winner of the Celent Model Risk Manager Award for 2021 in the Data, Analytics, and AI category due to the successful implementation of Tookitaki's AMLS. Celent's annual Model Risk Manager Awards recognize the best technology usage practices in different areas critical to success in risk. The white paper is available for download at https://www.tookitaki.ai/whitepapers/powering-the-next-gen-of-aml-technology-with-ai/ About Tookitaki Tookitaki Holding Pte. Ltd. delivers Compliance Platform as a Service (CPaaS) to some of the world's leading banks and financial institutions to help them transform how they manage their regulatory obligations. The Singapore-based company's compliance infrastructure harnesses artificial intelligence (AI) to support a family of smart specialist compliance applications that set new standards in accuracy, speed and resilience. The uniqueness and robustness of Tookitaki innovation in the field of regulatory compliance have been acknowledged worldwide. In 2020, the company won the Regulation Asia Awards for Excellence and G20TechSprint accelerator. In 2019, the company was selected as a Technology Pioneer by the World Economic Forum. Tookitaki is backed by institutional investors like Viola, SIG, Illuminate Financial, Jungle Ventures and Spring Seeds, an investment arm of the Singapore government. Media Contacts PRecious Communications for Tookitaki in Asia-Pacific Email: tookitaki@preciouscomms.com T: +65 6303 0567 Source Tookitaki