Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has entered into a strategic partnership with Silent Eight in order to automate financial crime compliance screening.
Silent Eight is a pioneering RegTech company that offers comprehensive solutions across the compliance workflow through an AI and machine learning platform designed to identify and prevent financial crime.
The partnership entails ADIB automating the alert screening investigation process to improve the efficiency, accuracy, and auditability of the bank’s compliance operations. The implementation of the platform will significantly reduce the volume of false positive alerts without the need for human intervention, achieving 100 percent accuracy, transparency, and auditability.
The solution uses natural language processing and machine learning to replicate human reasoning and decision-making based on historical alert data and continuous learning. This will reduce reliance on human investigators, lower operational costs, and enhance the customer experience by minimizing the delays and requests for information caused by false positive alerts.
This collaboration perfectly aligns with ADIB’s vision of becoming the most innovative Islamic bank. It promises to enhance operational efficiencies and response rate, both crucial steps in achieving our short-term and long-term goals.
The Silent Eight’s solutions will be integrated into ADIB’s operations and are set to launch in September 2024. ADIB expects to see substantial improvements in its compliance operations, with enhanced efficiency and accuracy, thereby reinforcing its commitment to financial integrity and innovation.
Ben Rayner, SVP of Silent Eight, said that, “We are delighted to be working with ADIB, which is guided by Islamic finance values, principles of responsible corporate citizenship, and a strong belief that banking solutions should always be simple, fair, and transparent.”
“Our adjudicator for name screening will further augment ADIB’s robust digital banking solutions, providing faster and better service to their customers, while improving their compliance and reporting operations,” Rayner added.
