HSBC selects Silent Eight to boost compliance operations

By Megha Bhattacharya

HSBC today announced that it has selected technology company Silent Eight to boost its compliance operations. With the partnership, HSBC aims to improve its manual processes and existing statistical models for decreasing risk and enhancing efficiency. Silent Eight’s solution will be integrated into the Bank’s existing infrastructure to provide case adjudications that are explained and auditable.

“Given the growth in alert volumes, and unpredictable spikes driven by global volatility, we saw an opportunity with Silent Eight that would give us the ability to close alerts quickly and accurately,” said HSBC’s Group Head of Compliance Services, Matt Brown.

Silent Eight CEO and co-founder, Martin Markiewicz, said, “We’re delighted to find a partner that shares our focus on eliminating financial crime. HSBC’s dedication to this project is just one aspect of their tireless commitment to improvement, and to helping drive AI innovation across the industry. We’re proud to partner with them on their mission to make the world safer.”

Founded in Singapore, Silent Eight AI creates custom compliance models for financial institutions globally. It aims to empower its clients in their fight to eliminate financial crime. The company has global hubs in New York, London, and Warsaw.

“Silent Eight’s business case was extremely compelling,” said Ben Rayner, HSBC’s Global Head of AML and Sanctions Screening. “We have chosen their solution as we believe it will provide significant business benefits across all our success metrics.”