ADIB chooses Silent Eight to automate compliance monitoring

By Gloria Methri

Abu Dhabi Islamic Bank (ADIB) has entered into a strategic partnership with Silent Eight, a RegTech company offering solutions across the compliance workflow through an AI and machine learning platform designed to identify and prevent financial crime.

The partnership involves ADIB automating the alert screening 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 reliance on human investigators, lower operational costs and improve the customer experience by minimizing delays and requests for information caused by false positive alerts.

“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, Silent Eight.

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

This collaboration is in line with ADIB’s goal of becoming the most innovative Islamic bank. It promises to improve operational efficiency and response rate, two crucial steps towards achieving our short and long term goals.

Silent Eight’s solutions will be integrated into ADIB’s operations and launched in September 2024. ADIB expects to see substantial improvements in its compliance operations, with increased efficiency and accuracy, reinforcing its commitment to financial integrity and innovation.