Tuesday, June 27, 2023

PayMongo Enhances Compliance with Tookitaki's AML Suite


MANILA, PHILIPPINES— PayMongo, a premier payment gateway in the Philippines, has teamed up with Tookitaki to combat financial crime. It has gone live with the Tookitaki’s Anti-Money Laundering Suite (AMLS) to monitor transactions. The move strengthens PayMongo's commitment to reducing risk and enhancing its anti-money laundering program, aligning with compliance norms set out by the Bangko Sentral ng Pilipinas.

Tookitaki's AMLS helps PayMongo to swiftly identify and manage suspicious transactions, ensuring that the platform remains compliant with changing regulatory requirements. This collaboration underscores PayMongo's proactive approach to adhering to anti-money laundering policies while facilitating a seamless online payment experience for its customers.

Tookitaki’s innovative approach starts with the 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. 

Mr. Abhishek Chatterjee, Founder and Chief Executive Officer of Tookitaki, 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."

Mr. Jojo Malolos, Chief Executive Officer of PayMongo, stated, "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's AMLS is meticulously designed to offer financial institutions a comprehensive solution for AML compliance. By harnessing the power of technology and unique community-based methodologies, Tookitaki delivers efficient and effective AML processes. With the implementation of Tookitaki's AMLS, PayMongo fortifies its commitment to secure and compliant financial transactions.


About Tookitaki

Tookitaki is a global leader in financial crime prevention, dedicated to building a safer and more secure world through innovative technology, strategic collaboration, and a distinctive community-based approach. Since our inception in Nov 2014, we have been on a mission to transform the battle against financial crime by dismantling siloed AML approaches and uniting the community through our groundbreaking Anti-Financial Crime (AFC) Ecosystem. Our unique community-based approach empowers financial institutions to effectively detect, prevent, and combat money laundering and related criminal activities, resulting in a sustainable AML program. 

We are proud to serve renowned banks and digital banks, including a top South Asian bank based in Singapore, one of the largest digital banks in the Philippines, and one of the world's largest fintech and payment companies. Tookitaki's commitment to innovation and excellence has earned prestigious recognitions such as the Financial Action Task Force (FATF) case study publication and the HPE Singapore Fast Forward Innovation Award 2022. As we continue to expand our global footprint, we are dedicated to providing our partners with the best solutions and services to stay at the forefront of the fight against financial crime.

About PayMongo

Founded in 2019, PayMongo is an online payments processing company that aims to grow the internet economy of emerging markets. The company allows businesses in the Philippines to accept payments of all types over the Internet quickly and easily.

PayMongo’s standard, easy-to-integrate API and e-commerce plugins accelerate internet businesses by lowering integration time with a few lines of code. The company's PayMongo Links and Pages products enable businesses to provide a simple digital checkout for their customers, even without a website. PayMongo's payment platform delivers fast onboarding, consistent checkout experiences and robust fraud detection systems.

PayMongo is the first Philippine fintech startup backed by Silicon Valley-based Y Combinator, the premier startup accelerator in the world. In February 2022, it secured $31 million in Series B financing with support from Justin Mateen's JAM Fund, ICCP-SBI Venture Partners, Lisa Gokongwei’s Kaya Founders, Global Founders Capital and SOMA Capital. To date, the company has raised a total funding amount of almost $46 million, including their $12 million Series A round in September 2020 and $2.7 million seed round in September 2019. Other notable investors in the company include Stripe, Peter Thiel, Y Combinator and Bedrock Capital.

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