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Mashreq partners with Silent Eight for compliance alert adjudication

By Delisha Fernandes

May 08, 2024

  • Adjudication
  • Anti-Money Laundering (AML)
  • financial crime risk
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Mashreq

Mashreq, a financial institution in the MENA region, has selected Silent Eight to provide Name Screening and Adverse Media Alert Adjudication automation capabilities related to sanctions and anti-money laundering regulatory requirements.

Silent Eight is a RegTech company whose artificial intelligence-based platform offers solutions across the compliance workflow. This strategic partnership will allow for Mashreq to maintain its innovative solution offerings, reduce workflow and resolution times for compliance alerts, and identify true risks in a faster and more efficient way.

“Mashreq has stood out amongst financial institutions in the Middle East and North Africa for its commitment to innovative banking solutions, as well as strengthening the overall safety of the global banking system,” said Ben Rayner, Regional Head of UK & EMEA for Silent Eight. “Our Name and Adverse Media Adjudication Platform is perfectly tailored to the compliance and business needs of fast-growing financial institutions, and we’re excited to help support Mashreq’s current and future ambitions.”

Under the partnership, Silent Eight will provide Mashreq with a solution for Alert Adjudication, in which alerts related to potentially risky or proscribed customers are evaluated, false positives are quickly investigated and closed, and potential true positive alerts are more quickly escalated to Mashreq analysts. Through the efficiency gains offered by Silent Eight’s platform, Mashreq will easily be able to improve its processing rates and reduce friction at the time of customer onboarding.

The multi-year partnership aligns with Mashreq’s core strategy of leveraging digital tools and other innovations in order to enhance convenience for customers and also significantly reduce the bank’s environmental footprint. Thanks to the power of Silent Eight’s AI platform, Mashreq’s compliance and risk professionals will be able to quickly identify and investigate alerts that represent genuine financial crime risks.

“At Mashreq, we are committed to maintaining the highest standards of compliance and regulatory adherence as well as leveraging cutting-edge solutions, and our partnership with Silent Eight is a testament to this commitment,” said Scott Ramsay, Group Head of Compliance & Bank MLRO, Mashreq. “With increasing regulatory requirements surrounding sanctions and anti-money laundering, it is crucial for us to adopt innovative technologies that can effectively and efficiently identify potential risks. “

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