SINGAPORE, April 18, 2022 /PRNewswire/ — Thunes, a Singapore-based global payments company, today announced that it has taken a majority stake in the anti-money laundering (AML) and compliance technology firm, Tookitaki Holding Pte Ltd (‘Tookitaki’) by making an investment of over $20 million. The alliance of both firms empowers the banking and financial services industry to fight money laundering and offer safe and secure payments to customers.
Per the United Nations Office on Drugs and Crime (UNODC) estimates, between 2 to 5% of the global GDP, or US$800 billion to US$2 trillion, is laundered each year. This criminal activity threatens the good functioning and integrity of the banking and financial services marketplace. With the increase in cross-border payments, the risk of money laundering goes up significantly, and so do compliance costs. Moreover, a recent report by JP Morgan suggests total annual transaction costs for global cross-border payments have climbed to US$120 billion. Regulatory compliance forms a significant percentage of …
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