BONI Launches Anti-Money Laundering Tech

Bank of Nevis International (BONI), a top provider of comprehensive wealth management and portfolio management services, has partnered with Singapore-based Tookitaki to introduce the latter’s award-winning Anti-Money Laundering Suite (AMLS). With this move, BONI becomes the first Caribbean bank to adopt the innovative technology, aimed at combating financial crime and enhancing compliance programs.

The AMLS offers a more comprehensive approach to risk coverage, providing sharper detection of money laundering activities, and minimizing false alerts, compared to legacy financial crime detection systems. Using AMLS allows BONI to join a community of leading banks and FinTech companies from around the world that are using cutting-edge technology, including AI, to tackle increasingly complex compliance challenges.

BONI Vice President of Fintech and Security, Deji F. Akadiri, said: “Tookitaki AMLS enables us to keep pace with evolving compliance requirements and provide our customers with a streamlined experience, reduced false positives, quicker onboarding, and the peace of mind that we are using proven and evolving technology.”

Tookitaki is known for its innovative Anti-Financial Crime (AFC) Ecosystem, which provides a platform for financial crime experts from across the world to pool their knowledge, data, and skills to tackle complex financial crimes. The AFC ecosystem removes the barriers created by siloed operations and allows the sharing of financial crime scenarios in a secure and privacy-protected manner.

BONI operates as a financial gateway to the world, connecting clients with international financial centers and markets. It is an independent financial center, offering a diverse and inclusive approach to help clients achieve their global ambitions and safeguard their future.

The AMLS solution from Tookitaki, designed with the principles of being comprehensive, convenient, and compliant, empowers financial institutions to strengthen their risk coverage and mitigate risks in a rapidly changing regulatory landscape. The suite covers the entire customer onboarding and ongoing processes, including transaction monitoring, smart screening, customer risk scoring, and case management.