PayMongo, a premier payment gateway in the Philippines, has teamed up with Tookitaki to combat financial crime
PayMongo has partnered with Tookitaki to implement its Anti-Money Laundering Suite (AMLS). This move is part of PayMongo’s commitment to reducing risk and enhancing its anti-money laundering program, which is aligned with compliance norms set out by the Bangko Sentral ng Pilipinas.
Tookitaki’s AMLS uses a community-based approach to identify and manage suspicious transactions. This approach involves a network of AML experts from around the world who share their knowledge and experience to uncover hidden money trails. The AMLS is also powered by federated machine learning, which allows it to stay up-to-date with the latest money laundering scenarios.
The partnership between PayMongo and Tookitaki is a significant step forward in PayMongo’s commitment to AML compliance. The AMLS will help PayMongo to more effectively identify and manage suspicious transactions, which will in turn help to protect its customers and the financial system as a whole.
PayMongo CEO Jojo Malolos said, “As a payments provider, we place paramount importance on risk management and compliance. Our collaboration with Tookitaki, a pioneer in AML solutions, empowers us to meet and surpass the anti-money laundering norms set by the local regulator, thereby ensuring the safety and trust of our customers.”
Tookitaki CEO Abhishek Chatterjee said, “We are excited to partner with PayMongo in their journey towards strengthening their AML compliance strategy. With the integration of our AMLS, PayMongo can create a robust and secure environment for their customers while maintaining alignment with local regulations.”
The implementation of Tookitaki’s AMLS is a significant milestone in PayMongo’s journey towards becoming a more compliant and secure payments provider. The AMLS will help PayMongo to meet its AML obligations and protect its customers from financial crime.
