Emirates NBD partners Silent Eight to bolster compliance operations
Dubai-based banking group Emirates NBD has formed a new partnership with anti-financial crime platform Silent Eight to trigger a new level of compliance automation.
Emirates NBD moves to bolster compliance operations
Singapore-based Silent Eight offers clients an AI and machine-learning platform which it claims is capable of automating financial transaction screening investigations.
Emirates NBD projects that the partnership will strengthen its financial crime prevention measures.
The group says it intends to achieve this by leveraging its partner’s “ability to automate the alert screening investigation process and improve the efficiency, accuracy and auditability of the bank’s compliance operations”.
Successful deployment of Silent Eight’s solution is expected to decrease operational expenses, reduce dependence on human investigators, and improve customer satisfaction by mitigating delays and information requests triggered by false positive alerts.
The agreement between the group and the fintech firm follows a successful proof of value which, according to Emirates NBD, “involved testing Silent Eight’s solution on alerts generated by the bank’s screening system”.
Victor Matafonov, group chief compliance officer at Emirates NBD, is confident that Silent Eight’s IRIS module “will bring significant value” to the company, and shall enable it to deliver “faster and better service to our customers”.
“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.”
