Silent Eight’s AI promises efficiency, accuracy and auditability for Emirates NBD
Emirates NBD, a Dubai-based banking group, has partnered with Silent Eight to utilise its AI platform to identify and prevent financial crime.
Silent Eight’s tech will automate processes and “improve the efficiency, accuracy and auditability” of the bank’s compliance operations.
It also promises to lower operational costs and enhance the customer experience by minimising the delays and requests for information caused by false positives.
Abdulla Qassem, group chief operating officer at Emirates NBD, said: “We are thrilled to join forces with Silent Eight to improve our operational efficiencies and foster innovation.”
The move is in alignment with the UAE’s focus on anti-money laundering, counter-terrorism financing and financial sanctions.
Victor Matafonov, group chief compliance officer at Emirates NBD, added: “This partnership aligns with our vision of becoming a digital leader in the region and our commitment to adopting world-class technologies that enhance our risk management capabilities and operational efficiency.”
Based in Singapore, Silent Eight’s solution uses natural language processing and machine learning to replicate human reasoning and decision-making based on data.
Ben Rayner, senior vice president at Silent Eight, said: “We look forward to supporting them in their journey of transforming their alert screening process and achieving their compliance goals.”