Emirates NBD has partnered with Silent Eight, a technology company which offers an advanced AI and machine learning platform to identify and prevent financial crime.
By deploying the Silent Eight platform, Emirates NBD is aiming to reduce reliance on human investigators, lower operational costs and minimise delays and requests for information caused by false positive alerts.
The bank had been testing the technology to ensure it could 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 Proof of Value (PoV) engagement involved testing the technology on alerts generated by the bank’s screening system.
The platform uses natural language processing and machine learning to replicate human reasoning and decision-making based on historical alert data and continuous learning. The bank said that during the testing it 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.
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.
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.”
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.”
