What Readers Should Know
Security Bank has deployed Tookitaki’s FinCense Screening platform to expand sanctions-screening coverage and improve name matching. Additional transaction-screening technology remains under evaluation.
Key Takeaways
- Security Bank partnered with Tookitaki.
- The bank deployed FinCense Screening.
- Reported coverage increased tenfold.
- The system supports name-variation matching and rescreening.
- Transaction-screening technology remains under evaluation.
Security Bank has expanded its sanctions-screening coverage through a partnership with Singapore-based financial crime technology company Tookitaki.
According to an October 6 report by Context.ph, the bank deployed Tookitaki’s FinCense Screening platform and reported a tenfold increase in coverage, reaching 100% of related contacts.
Why sanctions screening matters
Sanctions screening checks names against relevant sanctions data to identify potential matches. Guidance circulated by the Bangko Sentral ng Pilipinas describes screening through manual or automated processes, whether for individual names or batches.
The process helps financial institutions identify relationships that require further assessment under their compliance controls. A potential name match needs review to determine whether it refers to the designated person or entity.
Handling variations in names
The reported deployment uses artificial intelligence to identify differences in spelling, name order, phonetics, languages, and writing systems. It also supports reverse screening, which checks existing relationships again when sanctions lists or watchlists change.
These capabilities address a challenge described in Tookitaki’s own materials: names can appear in different spellings or forms across languages, making simple matching less reliable.
Tookitaki says its screening tools support ongoing reviews and documentation for investigations and audits. Such records help compliance teams explain how they assessed an alert and reached a decision.
Further technology remains under evaluation
Security Bank’s Head of Financial Crime Compliance Daniel Ang described the collaboration as supporting broader coverage, identification of genuine matches, and auditable decisions.
The bank is also evaluating Tookitaki’s transaction-screening technology. Any deployment remains subject to internal governance and approval, according to the report.
The announced screening upgrade is already deployed, while the additional transaction-screening technology is still being assessed.
Frequently Asked Questions
What is sanctions screening?
Checking names against sanctions data to identify potential matches for review.
Which platform did Security Bank deploy?
Tookitaki’s FinCense Screening.
What coverage did the bank report?
A tenfold increase, reaching 100% of related contacts.
What is reverse screening?
Checking existing relationships again as sanctions lists or watchlists change.
Has the additional transaction-screening technology been deployed?
It remains under evaluation, subject to internal governance and approval.
Gabriel
Introvert, wanderer, blogger, foodie, a hip-hop music writer, and one of the co-founders of a tech start-up company called GigsManila.
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