Security Bank Corp. has been recognized for its innovation in combating financial crime, winning the Best In-House Due Diligence and Third-Party Risk Solution in the fraud and financial crime category at the 8th Regulation Asia Awards for Excellence in Singapore.
The award honors the bank’s Transactor Due Diligence (Project TeDD) initiative, a fully digital platform designed to improve financial crime controls while enhancing the client experience. The system was cited for its ability to streamline how clients provide and update their information, making the process secure and significantly faster.
Project TeDD has reduced the time for clients to complete the due diligence process from as much as 14 minutes to as fast as five minutes, with faster processing for returning transactors. Clients can complete the process securely whether through a branch, an online appointment, or a kiosk.
“In an environment shaped by increasingly complex regulations, our goal is not just to comply—but to lead with innovation, protection and customer focus,” said Security Bank senior vice president and chief compliance officer Anna Christina Chinjen.
“Project TeDD helps us stay ahead of financial crime risks, protect our clients, and deliver BetterBanking that is simpler, more intuitive and more secure,” said Chinjen.
Launched in November 2024, the platform has served over 200,000 transactors. Beyond efficiency, the platform strengthens real-time monitoring and financial crime detection, helping protect clients from fraud and identity-related risks. The shift from paper-based to digital processing also reduced the Bank’s environmental footprint, saving an estimated 190 to 280 kg of CO2 emissions.
The Regulation Asia Awards for Excellence is a highly regarded industry recognition in the region, attracting more than 180 entries across Asia Pacific. Entries undergo a rigorous two-month evaluation by Regulation Asia’s editorial and research teams, along with an independent panel of industry experts.
