Silent Eight announced an extension to its existing partnership with HSBC to tackle financial crime.
The new service will cover the deployment of Negative News Screening that leverages machine learning to identify individuals who pose a greater risk for money laundering, fraud or terrorist financing. As financial crime continues to present a challenge, banks need to pivot to an increased use of Machine Learning within compliance, and move away from manual processes or alert scoring.
Silent Eights’ solution provides a more effective approach to address true matches and resolve the issue of false identifications. With this expansion, Silent Eight will be solving name screening matches across every risk type within HSBC.
“HSBC is dedicated to drive AI innovation in the financial services field, and with Silent Eight’s capabilities, we continue our focus on tackling financial crime more effectively and make the industry safer. We are excited to see the value that they will create by integrating Negative News screening into our platforms,” said Mark Turkington, Group Head of Financial Crime Detection.
Silent Eight CRO, Matt Leaney, said, “Working with a technology leader like HSBC who is embracing machine learning within compliance is a pleasure for us. It is a true partnership of shared goals and interests, we look forward to deepening our relationship and supporting their goals for many years to come.”
Silent Eight makes crime bad business and with its banking, insurance and payment partners is responsible for stopping bad actors accessing the financial system Silent Eight leads the world in Artificial Intelligence solutions for the compliance challenges of today and tomorrow. Spanning customers and transactions, covering Sanctions, Adverse News, PePs and monitoring Silent Eight ensures all potential risks are investigated and decided quickly, accurately and consistently.