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Silent Eight: A New Era for Financial Entities

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Matthew Leaney, Chief Revenue Officer, Silent EightMatthew Leaney, Chief Revenue Officer
Being at the core of Anti-Money Laundering (AML) and Know Your Customer (KYC) initiatives, customer due diligence (CDD) processes help banks and financial institutions verify their customers and reduce risk factors associated with any transaction. However, some rudimentary challenges emerge during the CDD process owing to data quality, the lack of a centralized KYC database, and complete reliance on the human workforce. Also, financial entities need to adhere to multiple regulatory requirements that demand a varying amount of documentation. Maintaining such a wide range of documents manually is strenuous, time-consuming, and prone to human-induced errors, which often hampers the fiscal stability of an organization.

Closely observing the scenario, a group of expert programmers, mathematicians, and due diligence consultants set the goal to optimize the entire CDD process leveraging AI, which ultimately led to the inception of Silent Eight—a venture-backed, RegTech company providing an AI-powered solution to help financial institutions combat money laundering and terrorist financing while managing their compliance and risk obligations. “We understand that it is impossible for a financial organization to keep on recruiting employees for achieving the precision and efficiency that they want in the CDD process. To this end, our solution promises to facilitate the time-consuming CDD process through AI while significantly lowering down the chances of inaccuracies,” comments Matthew Leaney, Chief Revenue Officer, Silent Eight.

As opposed to inefficient legacy systems that have limited learning capability, Silent Eight’s AI-powered solution can analyze petabytes of data and provide the human workforce with more relevant information. This allows employees to focus on more complicated alerts that require human intervention.

In essence, by allowing the human mind and technology to work in liaison, Silent Eight drives a better outcome and enhances the security of transactions.

Our solution promises to facilitate the time-consuming CDD process through AI while significantly lowering the chances of inaccuracies


Silent Eight’s solution is solving another fundamental challenge pertaining to false-positive alerts that burden an organization’s internal teams and increase the chance of missing the most important ones. The AI-powered solution only makes a decision when fed with all the required pieces of information. Further, instead of working like a “black box”, this AI-backed solution allows human analysts to seamlessly monitor how the solution is working and reroute it according to their requirements. “This brings transparency to the entire CDD process. That’s why our clients love this aspect,” comments Leaney.

Coupled with this, Silent Eight well understands the need for data security when it comes to the highly regulated financial sector. Their product operates within customers’ network, and data can never go out of the firewall. Leaney, in this context, mentions, “When we go into our customer’s networks, we integrate with every single data source that human analysts can use. The more data one can give the platform, the better it can perform.” Not stopping there, Silent Eight also has a cloud offering that benefits for companies working on a cloud-based case management solution.

Honing such capabilities, Silent Eight nurtures an overwhelming global customer base that includes many world-class banks and financial institutions. For instance, the company has helped Standard Chartered, one of the leading financial services organizations to successfully run their anti-money laundering initiatives with cutting-edge machine learning and natural language processing techniques.

Scripting many such success stories, Silent Eight has made a comprehensive roadmap for the coming years. The company is on a mission to bolster its global presence with its cutting-edge solution. “The needle is moving toward where we are. This year, we are to bring in a couple of global customers and continue to evolve our offering to suit their needs. Our entire organization is excited to drive the project toward phenomenal success,” Leaney concludes.

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Top 10 Risk and Compliance Solution Companies - 2020

Silent Eight

Company
Silent Eight

Management
Matthew Leaney, Chief Revenue Officer

Description
Silent Eight—a venture-backed, RegTech company providing an AI-powered solution to help financial institutions combat money laundering and terrorist financing while managing their compliance and risk obligations. As opposed to inefficient legacy systems that have limited learning capability, Silent Eight’s AI-powered solution can analyze petabytes of data and provide the human workforce with more relevant information. This allows employees to focus on more complicated alerts that require human intervention. In essence, by allowing the human mind and technology to work in liaison, Silent Eight drives a better outcome and enhances the security of transactions.

Silent Eight News

Emirates NBD Partners with Silent Eight to Automate Alert disposition and Enhance Compliance Efficiency

Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, announced a strategic partnership with Silent Eight, a technology company which offers an advanced AI and machine learning platform to identify and prevent financial crime.

The partnership is in line with Emirates NBD’s vision to be the most innovative bank for its customers, people, and communities, and follows a successful Proof of Value (PoV) engagement that demonstrated Silent Eight’s ability to automate the alert screening investigation process and improve the efficiency, accuracy and auditability of the bank’s compliance operations.

In collaboration with Emirates NBD’s FinTech Partnership and Engagement Team, the PoV involved testing Silent Eight’s solution on alerts generated by the bank’s screening system. The solution uses natural language processing and machine learning to replicate human reasoning and decision-making based on historical alert data and continuous learning. The solution was able to solve close to a third of the alerts in the scope of the PoV, explain the resolutions with clear narratives, and close the alerts with zero error rates.

Based on the successful results of the PoV, Emirates NBD has decided to deploy the Silent Eight solution with the aim of reducing reliance on human investigators, lowering operational costs, and enhancing the customer experience by minimizing the delays and requests for information caused by false positive alerts.

Following significant innovation in digital banking, wealth management, remittances and payments, Emirates NBD is further championing digital operational transformation by incorporating AI technology into its robust compliance program. The move strengthens Emirates NBD’s commitment to align with the UAE’s increased focus on the supervision and enforcement of anti-money laundering, counter-terrorism financing and targeted financial sanctions regimes.

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. As a regional banking leader, Emirates NBD is setting a new standard of excellence in providing a safe and secure banking experience for our customers. This collaboration is a testament to Emirates NBD’s commitment to embracing cutting-edge technologies and pushing boundaries to deliver agility and optimize productivity.”

Victor Matafonov, Group Chief Compliance Officer at Emirates NBD, said: “We are delighted to partner with Silent Eight, a leading innovator in the field of AI-driven compliance solutions. 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. We are confident that Silent Eight’s IRIS module will bring significant value to our compliance function and enable us to deliver faster and better service to our customers.”

Martin Markiewicz, Chief Executive Officer at Silent Eight, said: “We are honored to work with Emirates NBD, one of the most progressive and forward-thinking banks in the MENAT region.”

Ben Rayner, Senior Vice President at Silent Eight, said: ” We are delighted to be working with Emirates NBD, and are impressed by their dedication to excellence and innovation in compliance and their willingness to embrace AI as a strategic enabler. We look forward to supporting them in their journey of transforming their alert screening process and achieving their compliance goals.”

The collaboration between Emirates NBD and Silent Eight solidifies Emirates NBD’s commitment to safe banking through innovative and transformative advancements within the financial industry. In 2023, Emirates NBD leveraged the power of generative AI to drive significant advancements in software development, collaboration and customer engagement.