PayMongo, a payment gateway in the Philippines, has teamed up with Tookitaki to bolster its anti-money laundering program, aligning with compliance norms set out by the Bangko Sentral ng Pilipinas (BSP).

Tookitaki’s AMLS enables PayMongo to identify and manage suspicious transactions, ensuring that the platform remains compliant with changing regulatory requirements. 

“As a payments provider, we place paramount importance on risk management and compliance,” said Jojo Malolos, CEO of PayMongo. “Our collaboration with Tookitaki 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.”

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Anti-financial crime

Tookitaki’s approach starts with the (anti-financial crime) AFC ecosystem which is a community of AML experts that come together from around the world to share their knowledge and experience. The community helps to uncover hidden money trails that traditional methods cannot detect and is dedicated to making the world a safer and more secure place. Powered by federated machine learning, the AMLS collaborates with the AFC Ecosystem to ensure that financial institutions always have access to the latest money laundering scenarios and stay one step ahead of financial criminals. 

“With the integration of our AMLS, PayMongo can create a robust and secure environment for their customers while maintaining alignment with local regulations,” said Abhishek Chatterjee, founder and CEO of Tookitaki. 

Tookitaki’s AMLS is designed to offer financial institutions a comprehensive solution for AML compliance. By harnessing the power of technology and unique community-based methodologies, Tookitaki promises to deliver efficient and effective AML processes. With the implementation of Tookitaki’s AMLS, PayMongo fortifies its commitment to secure and compliant financial transactions.