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Mashreq partners with Silent Eight for compliance alert assessment

By Delisha Fernandes

Today

  • Arbitration
  • Anti-Money Laundering (AML)
  • risk of financial crime

Mashreq

Mashreq, a financial institution in the MENA region, selected Silent Eight to provide name verification and spam alert automation capabilities related to sanctions and anti-money laundering regulatory requirements.

Silent Eight is a RegTech company whose AI-powered platform delivers solutions across the entire compliance workflow. This strategic partnership will enable Mashreq to maintain its innovative solution offerings, reduce workflow and compliance alert resolution times, and identify real risks faster and more efficiently.

“Mashreq stood out among financial institutions in Middle East And North Africa for its commitment to innovative banking solutions, as well as strengthening the overall security of the global banking system,” said Ben Raynerregional manager UK and EMEA for Silent Eight. “Our spam name and media arbitrage platform is ideally suited to the compliance and business needs of fast-growing financial institutions, and we are excited to help support Mashreq’s current and future ambitions.”

As part of this partnership, Silent Eight will provide Mashreq with an alert assessment solution, in which alerts related to potentially at-risk or banned customers are evaluated, false positives are quickly investigated and closed, and potentially true alerts Positive results are transmitted more quickly to Mashreq analysts. With the efficiencies offered by the Silent Eight platform, Mashreq will be able to easily improve its processing rates and reduce friction when onboarding customers.

This multi-year partnership aligns with Mashreq’s core strategy of leveraging digital tools and other innovations to improve customer convenience and significantly reduce the bank’s environmental footprint. Using 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 real financial crime risks.

“At Mashreq, we are committed to maintaining the highest standards of compliance and regulatory compliance as well as leveraging industry-leading solutions, and our partnership with Silent Eight is a testament to this commitment,” said Scott RamsayGroup Head of Compliance and Banking MLRO, Machrek. “With increasing regulatory requirements around 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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