FinCense

AML Software by Tookitaki offers an anti-money laundering suite that is designed to prevent fraud and money laundering for both fintechs and traditional banks. The platform, integrated with the AFC Ecosystem, operates as an end-to-end system, leveraging a collaborative approach to training machine learning models known as federated learning. By utilizing real-world crime scenarios identified within the AFC, the FinCense model is trained to detect various financial crime attacks that often go unnoticed by traditional risk-based financial crime prevention methods. This allows for the identification and notification of fraudulent activities that would typically go unanticipated. The FinCense product suite includes various financial crime tools that work together to provide risk coverage. It provides modules for onboarding, fraud prevention and detection (FRAML), screening against watchlists, customer risk scoring, alert management, and case management. These modules streamline processes, help identify fraud, and support compliance with AML and fraud regulations. Customers can customize their toolkit by selecting modules based on their company's specific needs. The annual contract price is determined by the chosen modules. The available FinCense modules are as follows: * Onboarding Suite: Accelerates customer onboarding while ensuring compliance through real-time prospect screening and risk scoring. * FRAML: Provides continuous monitoring and risk coverage, with capabilities for real-time transactional fraud prevention and monitoring. * Smart Screening: Automatically screens customers and transactions in real-time against watchlists and internal lists. * Customer Risk Scoring: Manages customer risk assessment and supports the Customer Due Diligence (CDD) process. * Smart Alert Management (SAM): Reduces false positives by leveraging machine learning to prioritize and manage alerts. * Case Manager: Centralizes alert and case management, enhancing collaboration across investigation teams.