Standard Chartered Bank announced on Monday as part of its continued efforts to lead the way in the global fight against financial crime, and through its use of regtech, it has partnered with Silent Eight to deliver capabilities to its Financial Crime Compliance (FCC) teams. According to Standard Chartered, the FCC’s strategy is to continually invest to be at the forefront of the ever-changing financial crime landscape.
“FCC is working with Silent Eight on Screening Optimisation, an initiative that aims to apply machine learning and natural language processing techniques to improve the name screening process where customer and related party names are matched against various watch lists using fuzzy logic. By analysing historical case decisions, the Silent Eight powered optimisation engine will “learn” to replicate the assessment in the same way that a human analyst would proposing a response to the case.”
Standard Chartered also reported that the machine will review each risk event using both private and public domain data, to provide true or false match recommendations. These recommendations will be supported by a written narrative explaining in plain English the decisions or recommendation. The machine will also continually learn over time, constantly updating its algorithms to further improve the quality of its recommendations.
“By automating the research and enriching the cases the Screening Optimisation engine will aim to replicate analyst actions during assessment. The results provided should help the analyst reach a decision much faster thus significantly reducing the time it takes for an analyst to review cases. The tool should also help to further improve case quality through a consistent and comprehensive review of all the attributes factored into each decision.”
Speaking about the collaboration, Markus Schulz, Global Head FCC Controls, added:
“I am very pleased with this investment which is contributing significantly to the Bank’s innovation agenda. We see this as an exciting opportunity to empower our teams to make more effective and efficient decisions, complementing the core monitoring and screening platforms that we have already established.”
