Silent Eight, HSBC expand partnership to enhance financial crime detection


In a significant move to enhance its financial crime detection capabilities, HSBC, a global banking and financial services institution, has expanded its relationship with Silent Eight, a leading RegTech firm known for its innovative solutions in combating financial crimes. This collaboration marks a pivotal step in HSBC’s ongoing efforts to improve efficiency, accuracy, and adaptability within its financial crime programmes.

Central to this partnership is the implementation of Silent Eight’s Automated Alert Closure for Transactions, a cutting-edge solution designed to automate the investigation and resolution of alerts in real time. This technology represents a major advancement in HSBC’s compliance operations, reflecting the bank’s commitment to leveraging digital enablement and automation to fight financial crime more effectively.

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Prior to this expansion, Silent Eight had provided HSBC with name screening and adverse media automation solutions. These tools have significantly aided the bank in detecting financial crimes with reduced friction, showcasing the tangible benefits of integrating advanced technology into compliance operations.

Ben Rayner, Regional Head for UKI & EMEA at Silent Eight, expressed pride in the enduring partnership with HSBC, stating, “HSBC has demonstrated its ongoing commitment to operational excellence and innovation within financial crime. We are exceptionally proud of our long-standing relationship with the company and their desire to adopt cutting-edge technology to reach their goals.”

Echoing this sentiment, Chris Pratt, Group Head of Transaction Screening at HSBC, emphasized the importance of precision in financial transactions. “Working with Silent Eight is not only about driving efficiency in screening but ensuring accuracy. Our further investment in Silent Eight technology underscores our strategy to deliver safe automation and improved outcomes for our customers,” Pratt commented.

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Silent Eight’s approach to financial crime detection uniquely blends human expertise with artificial intelligence, creating solutions that replicate human reasoning and decision-making processes. This methodology allows for a significant reduction in false positives, enhanced accuracy, and improved auditability in compliance operations.

With a client roster that includes some of the world’s largest banks and insurance companies, such as Standard Chartered and First Abu Dhabi Bank, Silent Eight has established itself as a leader in the RegTech industry. Headquartered in Singapore, the company also operates out of New York, London, Warsaw, and Bangalore, further underscoring its global reach and impact in the financial sector.

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This strategic expansion between Silent Eight and HSBC sets a new benchmark for the integration of AI and digital technologies in the realm of financial crime compliance. It highlights the growing importance of innovative solutions in enhancing the efficiency and accuracy of financial institutions’ compliance operations, setting a precedent for the future of financial crime detection.

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