HSBC enhances compliance ops with Silent Eight Alert Resolution

Silent Eight, which leverages artificial intelligence (AI) to create custom compliance models for financial institutions, has announced a multi-year partnership with HSBC that will help the bank enhancing its compliance operations.

HSBC sought a financial crime partner that could successfully improve its manual processes and existing statistical models to decrease risk while simultaneously increasing efficiency.

Following a successful trial period, Silent Eight Alert Resolution is set to be integrated into HSBC’s existing infrastructure to provide case adjudications that are explained and auditable. Silent Eight Alert Resolution investigates, and resolves cases with greater speed, precision and consistency than traditional analysts.

"Given the growth in alert volumes and unpredictable spikes driven by global volatility, we saw an opportunity with Silent Eight that would give us the ability to close alerts quickly and accurately," said HSBC’s Group Head of Compliance Services Matt Brown.

Silent Eight CEO and co-founder, Martin Markiewicz said, "We're delighted to find a partner that shares our focus on eliminating financial crime. HSBC's dedication to this project is just one aspect of their tireless commitment to improvement, and to helping drive AI innovation across the industry. We're proud to partner with them on their mission to make the world safer."

“Silent Eight's business case was extremely compelling," said Ben Rayner, HSBC’s Global Head of AML and Sanctions Screening. "We have chosen their solution as we believe it will provide significant business benefits across all our success metrics."

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