Mashreq partners with Silent Eight for compliance alert assessment

• Leading financial institution in the MENA region chooses an AI-based platform to process and Resolve customer verification alerts related to anti-money laundering and sanctions requirements.
• Silent Eight’s groundbreaking platform enables financial institutions to reduce manual effort Reduce workloads and risks while maintaining sustainable growth plans.

DUBAIUnited Arab Emirates and SINGAPORE, May 8, 2024 /PRNewswire/ — Mashreq, a leading financial institution in the MENA region, today announced that it has selected Silent Eight to provide automation capabilities for name checking and adverse media alert adjudication related to sanctions and anti-money laundering regulatory requirements .

Silent Eight is a pioneering RegTech company whose artificial intelligence-based platform provides solutions across the entire compliance workflow. This strategic partnership will enable Mashreq to maintain its innovative solution offerings, shorten workflows and resolution times for compliance alerts, and identify real risks more quickly and efficiently.

As part of the partnership announced today, Silent Eight will provide Mashreq with an alert adjudication solution that evaluates alerts associated with potentially risky or banned customers, quickly investigates and closes false alerts, and more quickly escalates potential true positive alerts to Mashreq analysts . Through the efficiencies offered by Silent Eight’s platform, Mashreq will easily be able to improve its processing rates and reduce friction in customer onboarding.

The multi-year partnership is in line with Mashreq’s core strategy of leveraging digital tools and other innovations to increase customer convenience and also significantly reduce the bank’s environmental footprint. Thanks to the power of Silent Eight’s AI platform, Mashreq’s compliance and risk experts can easily identify and investigate alerts that pose a real financial crime risk.

“Mashreq has stood out among financial institutions in the world middle East And North Africa for its commitment to innovative banking solutions as well as to strengthening the overall security of the global banking system,” said Ben Rayner, regional director for UK and EMEA at Silent Eight. “Our name and unwanted media assessment platform is perfectly tailored to the compliance and business needs of fast-growing financial institutions, and we are pleased to support Mashreq’s current and future ambitions.”

“At Mashreq, we are committed to maintaining the highest standards of compliance and regulatory compliance, as well as leveraging state-of-the-art solutions, and our partnership with Silent Eight is a testament to this commitment,” he said Scott Ramsay, Group Head Compliance & Bank MLRO, Mashreq. “With increasing regulatory requirements related to sanctions and anti-money laundering, it is critical for us to introduce innovative technologies that can effectively and efficiently identify potential risks. Silent Eight’s automation capabilities and AI-driven approach will allow us to stay ahead of evolving threats, ensuring compliance and protecting our customers’ interests.”

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Silent eight
Silent Eight is a RegTech company that works with financial institutions to develop solutions that combine the best of people and the best of technology, leveraging artificial intelligence. SilentEight’s solution automates the alarm screening, investigation and decision-making process by replicating human thinking and decision-making based on historical case data and continuous learning. Silent Eight enables financial institutions to reduce false positives, increase accuracy and improve auditability of their compliance operations. Silent Eight works with some of the world’s largest banks and insurance companies, including Standard Chartered, HSBC, First Abu Dhabi Bank and Emirates NBD. Silent Eight is headquartered in Singapore and has an office new York, London, WarsawAnd Bangalore. For more information visit www.silenteight.com.

About Mashreq

Mashreq is a bank more than half a century old and yet proudly thinks as a challenger, startup and innovator. Mashreq has been at the forefront of important innovations and developments in banking, from serving digital-first entry-level customers to serving some of the region’s most significant corporate and wealth accounts.

The bank’s mission is to help customers find their way to “Rise Every Day” by working together through ups and downs to help them find fulfillment, achieve financial goals and achieve their vision of success .

Mashreq maintains a reassuring presence in the world’s major financial centers and remains at Mashreq’s home and global headquarters middle Eastprovides services whenever and wherever the opportunity arises for its customers.

Find your way to Rise Every Day at www.Mashreq.com/RiseEveryDay.

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