Singapore-based financial crime compliance firm Tookitaki has introduced a compliance-as-a–service (CaaS) solution for small and mid-size financial institutions around the world.

The new software-as-a-service (SaaS) offering will provide financial institutions (FIs) access to Tookitaki’s compliance solution, the Anti Money Laundering Suite (AMLS), on a secure and self-service platform.

According to Tookitaki, the CaaS solution offers comprehensive risk coverage, encompassing screening, transaction monitoring, and customer risk scoring.

The solution includes standardised payload specifications as well as application programming interfaces (APIs) for easy integration, allowing financial organisations to go live in two weeks.

Besides, financial institutions can make use of pre-packaged watchlist data for screening as an addition to the current watchlist data.

Tookitaki’s CaaS solution is said to be a flexible, pay-as-you-go solution that horizontally scales and offers high dependability and performance to accommodate rapid growth.

It offers services including industry-standard certifications across risk, security, and data privacy, like SOC2, which significantly cut the dependency on internal IT.

Tookitaki founder and CEO Abhishek Chatterjee said: “Tookitaki has a proud legacy of supporting both traditional banks and large fintech enterprises with our cutting-edge AML solution.

”The launch of our Compliance-as-a-Service solution is a significant step in making AMLS more accessible. This SaaS model allows fast-growing fintechs to get to market sooner, and future-proof their financial crime mitigation strategies with regular updates.”

The company’s AMLS is used by universal banks like UOB, regional banks, digital-only banks, e-wallets, and payment companies, including Tencent.

Founded in 2014, Tookitaki introduced the concept of combating financial crime through an ecosystem or a community-based platform.