Abu Dhabi Islamic Bank partners with Silent Eight to automate financial crime compliance monitoring

Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, announced a strategic partnership with Silent Eight, a pioneering RegTech company that offers comprehensive solutions across the entire compliance workflow through one platform AI and machine learning technology designed to identify and prevent financial crime.

The partnership involves ADIB automating the alert filtering investigation process to improve the efficiency, accuracy and auditability of the bank’s compliance operations. Implementation of the platform will significantly reduce the volume of false positive alerts without requiring human intervention, thereby achieving 100% accuracy, transparency and auditability. The solution uses natural language processing and machine learning to replicate human reasoning and decision-making based on historical alert data and continuous learning. This will reduce the need for human investigators, reduce operational costs and improve the customer experience by minimizing delays and requests for information caused by false positive alerts.

This collaboration fits perfectly with ADIB’s vision to become the most innovative Islamic bank. It promises to improve operational efficiency and response rate, two crucial steps to achieving our short and long term goals. Silent Eight’s solutions will be integrated into ADIB’s operations and are expected to launch in September 2024. ADIB expects to see substantial improvements in its compliance operations, with increased efficiency and accuracy, strengthening its commitment to promoting financial integrity and innovation.

“We are delighted to work with ADIB, which is guided by the values ​​of Islamic finance, the principles of responsible corporate citizenship and the firm belief that banking solutions should always be simple, fair and transparent,” said Ben Rayner, executive vice president of Silent Eight. .

“Our name verification adjudicator will further strengthen ADIB’s robust digital banking solutions, providing faster and better service to their customers, while improving their compliance and reporting operations. He added.