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Emirates NBD partners Silent Eight to bolster compliance operations | Fintech InShorts: Latest fintech news, analysis by experts

Emirates NBD partners Silent Eight to bolster compliance operations

AIBankingBusiness

Less than 1 min.Read

Emirates NBD partners Silent Eight to bolster compliance operations

February 9, 2024

Emirates NBD, a Dubai-based banking group, has entered a partnership with Silent Eight, a Singapore-based anti-financial crime platform.
Silent Eight provides an AI and machine-learning platform for automating financial transaction screening investigations.
The partnership aims to enhance Emirates NBD’s financial crime prevention measures by automating the alert screening investigation process.
The collaboration is expected to improve the efficiency, accuracy, and auditability of the bank’s compliance operations.
Successful deployment of Silent Eight’s solution is anticipated to reduce operational expenses, decrease reliance on human investigators, and enhance customer satisfaction by addressing false positive alerts.
The agreement follows a successful proof of value, involving testing Silent Eight’s solution on alerts generated by the bank’s screening system.
Victor Matafonov, group chief compliance officer at Emirates NBD, expresses confidence that Silent Eight’s IRIS module will bring significant value, enabling faster and better service to customers.
The partnership aligns with Emirates NBD’s vision of becoming a digital leader in the region and adopting world-class technologies to enhance risk management and operational efficiency.

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