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ADIB selects Silent Eight to automate compliance screening

By Gloria Methri

June 28, 2024

  • Abu Dhabi Islamic Bank
  • Compliance Regulatory
  • Financial Crime

UAE, ADIB, bank, Islamic financial services, Abu Dhabi Islamic Bank, Silent Eight, RegTech, Financial Crime ComplianceAbu Dhabi Islamic Bank (ADIB) has entered a strategic partnership with Silent Eight, a RegTech company offering 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 enhancing the customer experience by minimizing the delays and requests for information caused by false positive alerts.

“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,” said Ben Rayner, SVP, Silent Eight.

“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.

This collaboration aligns with ADIB’s goal 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.

Silent Eight’s solutions will be integrated into ADIB’s operations and launched 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.

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