Group strengthens anti-fraud capabilities

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THE Association of Bank Compliance Officers (ABCOMP) has partnered with a global leader in financial crime prevention technology provider, Tookitaki Holding Pte. Ltd., for initiatives that will enhance the country’s anti-money laundering measures and fraud prevention.

This is in support to the country’s goal of exiting the Financial Action Task Force (FATF) grey list.

Ma. Bernadette Ratcliffe, president of ABCOMP, said under a memorandum of understanding, Tookitaki will equip financial institutions with enhanced detection and prevention capabilities, which are critical for meeting FATF requirements and restoring global confidence in the Philippines’ financial system.”

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The Philippines has faced heightened scrutiny since landing on the FATF grey list, underscoring vulnerabilities in anti-money laundering (AML) and counter-terrorism financing. Exiting this list remains a top government priority due to its impact on the nation’s reputation and financial stability.

Tookitaki’s innovative Anti-Financial Crime Ecosystem provides a technology-driven platform that connects global financial experts and institutions, while ABCOMP offers invaluable local expertise, drawing on the in-depth knowledge of chief compliance officers within the Philippine banking sector.

The MOU also establishes a framework for regular knowledge-sharing sessions and collaborative initiatives. Members will gain exclusive access to the largest library of AML and fraud scenarios, regularly updated to reflect the latest trends and typologies. This proactive approach promotes the exchange of valuable insights and fosters a culture of continuous learning.

The parties cited studies which said financial crimes such as money mule schemes and account takeover are on the rise. 

For example, money mule schemes often involve vulnerable individuals laundering illicit funds, with commissions up to P5,000.

Account takeover fraud, where cybercriminals use phishing and social engineering tactics to access accounts, has caused more than P400 million in losses in 2024. 

The parties said investment scams targeting overseas Filipino workers have also caused devastating losses, estimated at over P100 billion in 2024, and deeply impacting families who rely on remittances.

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