Compliance & Regulation

HSBC and Silent Eight Announce Multi-Year Partnership to Fight Financial Crime

Silent Eight has announced  a multi-year partnership with HSBC that will support the bank in enhancing its industry-leading compliance operations.

A recognised leader in technology innovation, HSBC sought a financial crime partner that could successfully improve its manual processes and existing statistical models to decrease risk while simultaneously increasing efficiency, reported Silent Eight in a press release.

Silent Eight Alert Resolution investigates and resolves cases in the same way an analyst would, with greater speed, precision and consistency, says the firm. Following a successful trial period, the solution is set to be integrated into HSBC's existing infrastructure to provide case adjudications that are explained and auditable.

Matt Brown, Group Head of Compliance Services, HSBC, said: “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.”

Martin Markiewicz, Co-Founder and CEO, Silent Eight, 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.”

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