Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, recently announced a strategic partnership with Silent Eight, a pioneering RegTech company that offers broader solutions across the compliance workflow through an AI and machine learning platform designed to identify and prevent financial crime and compliance screening (FCCS).
Industry sources added that this partnership encompasses 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.
Ben Rayner, SVP, of Silent Eight stated “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.”
Ben Added: “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.”
Industry sources also added that this solution utilizes 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 boost the clientele experience by curbing the delays and requests for information caused by false positive alerts.
Industry sources also further confirmed that this partnership perfectly aligns with ADIB’s vision 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. At Silent Eight’s solutions will be integrated into ADIB’s operations and are set to launch 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.
