Mashreq, a financial institution in the MENA region, announced that it has selected Silent Eight to provide Name Screening and Adverse Media Alert Adjudication automation capabilities related to sanctions and anti-money laundering regulatory requirements.
Silent Eight is a RegTech company whose artificial intelligence-based platform “offers solutions across the compliance workflow.”
This strategic partnership will allow for Mashreq to “maintain its innovative solution offerings, reduce workflow and resolution times for compliance alerts, and identify true risks in a faster and more efficient way.”
Under the partnership announced today, Silent Eight will provide Mashreq with “a solution for Alert Adjudication, in which alerts related to potentially risky or proscribed customers are evaluated, false positives are quickly investigated and closed, and potential true positive alerts are more quickly escalated to Mashreq analysts.”
Through the efficiency gains “offered by Silent Eight’s platform, Mashreq will easily be able to improve its processing rates and reduce friction at the time of customer onboarding.”
The multi-year partnership aligns with Mashreq’s core strategy of “leveraging digital tools and other innovations in order to enhance convenience for customers and also significantly reduces the bank’s environmental footprint.”
Thanks to the power of Silent Eight’s AI platform, Mashreq’s compliance and risk professionals will “be able to easily identify and investigate alerts that represent genuine financial crime risk.”
Ben Rayner, Regional Head of UK & EMEA for Silent Eight, said:
“Mashreq has stood out amongst financial institutions in the Middle East and North Africa for its commitment to innovative banking solutions, as well as strengthening the overall safety of the global banking system. Our Name and Adverse Media Adjudication Platform is perfectly tailored to the compliance and business needs of fast-growing financial institutions, and we’re excited to help support Mashreq’s current and future ambitions”
Scott Ramsay, Group Head of Compliance & Bank MLRO, Mashreq, said:
“At Mashreq, we are committed to maintaining the highest standards of compliance and regulatory adherence as well as leveraging cutting-edge solutions, and our partnership with Silent Eight is a testament to this commitment. With increasing regulatory requirements surrounding sanctions and anti-money laundering, it is crucial for us to adopt innovative technologies that can effectively and efficiently identify potential risks. Silent Eight’s automation capabilities and AI-driven approach will enable us to stay ahead of evolving threats, ensuring compliance and safeguarding our customers’ interests.”
As noted in the update, Silent Eight is a RegTech company “that partners with financial institutions to create solutions blending the best of humans and the best of technology, leveraging artificial intelligence.”
Silent Eight’s solution, automates “the alert screening, investigation and adjudication process by replicating human reasoning and decision making based on historical case data and continuous learning. Silent Eight enables financial institutions to reduce false positives, increase accuracy, and enhance auditability of their compliance operations.”
Silent Eight works with “some of the largest banks and insurance companies in the world, including Standard Chartered, HSBC, First Abu Dhabi Bank and Emirates NBD. Silent Eight is headquartered in Singapore and has offices in New York, London, Warsaw, and Bangalore.”