- Leading financial institution in MENA region selects
AI-based platform to process and resolve customer screening
alerts related to anti-money laundering and sanctions
requirements.
- Silent Eight's groundbreaking platform allows financial
institutions to reduce manual workloads and risk while
maintaining sustainable growth plans.
DUBAI, UAE and SINGAPORE, May 8,
2024 /PRNewswire/ -- Mashreq, a leading financial
institution in the MENA region, today 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 pioneering 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.
"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," said Ben
Rayner, Regional Head of UK & EMEA for Silent Eight.
"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."
"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," said Scott Ramsay, Group Head of Compliance &
Bank MLRO, Mashreq. "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."
About
Silent Eight
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.
SilentEight's solution, automates the alert screening,
investigation and adjudication process byreplicating human
reasoning and decision making based on historical case data and
continuouslearning. Silent Eight enables financial institutions to
reduce false positives, increase accuracy,and enhance auditability
of their compliance operations. Silent Eight works with some of
thelargest banks and insurance companies in the world, including
Standard Chartered, HSBC, FirstAbu Dhabi Bank and Emirates NBD.
Silent Eight is headquartered in Singapore and has officesin New York, London, Warsaw, and Bangalore. For more information, visit
www.silenteight.com.
About Mashreq
Mashreq is a more than half-century old bank, yet proudly thinks
like a challenger, startup, and innovator. Mashreq pioneered key
innovations and developments in banking, starting with entry-level
digital-first customers, all the way to powering some of the
region's most prominent corporations and wealth accounts.
The bank's mandate is to help customers find their way to Rise
Every Day, partnering through the highs and lows to help them reach
fulfillment, achieve financial goals, and unlock their vision of
success.
Reassuringly present in major financial centres of the world,
Mashreq's home and global HQ remains in the Middle East, offering services whenever and
wherever opportunity takes its customers.
Find your way to Rise Every Day at
www.Mashreq.com/RiseEveryDay.
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