Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) joined forces with tech company Silent Eight to automate financial crime compliance screening, according to a press release.
Silent Eight leverages AI tools to create custom compliance models for the world's leading financial institutions.
ADIB will automate the alert screening investigation process to enhance the efficiency, accuracy and auditability of its compliance operations.
The platform will lower the volume of false positive alerts without any human intervention, achieving 100% accuracy, transparency, and auditability.
The solution uses natural language processing and machine learning (ML) to replicate human reasoning and decision-making based on historical alert data and continuous learning. This will lower operational costs and bolster the customer experience by minimising the delays and requests for information caused by false positive alerts.
This collaboration aligns with ADIB’s vision of becoming the most innovative Islamic bank. Meanwhile, Silent Eight's solutions will be integrated into the bank’s operations and are set to launch in September 2024.
Ben Rayner, SVP at Silent Eight, commented: “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.”
ADIB recently collaborated with DIFC Innovation Hub to drive fintech growth in the region.
In the first quarter (Q1) of 2024, the ADX-listed bank logged net profits after tax valued at AED 1.45 billion, which marked a rise of 32% from AED 1.10 billion.
