Artificial intelligence (AI) is being used by the HSBC-backed business Silent Eight to assist banks in thwarting financial crime. Some of the biggest banks in the world, including HSBC, Standard Chartered, and UBS, employ the company’s software to identify financial crimes like money laundering and terrorism funding.
Silent Eight is a Singapore-based fintech company that uses artificial intelligence (AI) to help financial institutions fight financial crime. The company was founded in 2017 by Martin Markiewicz and Liew Mun Leong, and has since raised over $100 million in funding from investors such as HSBC, Standard Chartered, and Temasek Holdings.
“So our grand idea for a product … (is that) AI should be doing this job, not necessarily humans,” Markiewicz said in an interview on Thursday at a conference hosted by OTB Ventures. “So you should have a capacity of a million people and do millions of these investigations … without having this limitation of just like how big my team is.”
Silent Eight’s AI models are trained on a massive dataset of financial transactions and other data, including regulatory filings, news articles, and public records. The models are able to identify patterns and anomalies that would be difficult or impossible for human investigators to spot.
For example, Silent Eight’s software can identify suspicious transactions that may be part of a money laundering scheme. The software can also identify customers who are linked to known criminals or terrorist organizations.
Silent Eight’s software is helping banks to save time and money on financial crime compliance. It is also helping banks to reduce their risk of being fined or penalized by regulators for failing to prevent financial crime.
In 2021, Silent Eight received funding from HSBC Ventures, the bank’s venture capital division. HSBC employs Silent Eight’s software to identify money laundering and other financial crimes. HSBC is another client of Silent Eight.
AI models that are trained on a sizable dataset of financial transactions and other data, such as regulatory filings, news stories, and public records, power Silent Eight’s software. Patterns and abnormalities that would be challenging or impossible for human investigators to spot can be found by the models.
Some of the biggest banks in the world, including HSBC, Standard Chartered, UBS, and First Abu Dhabi Bank, employ Silent Eight’s software. Other financial organizations like insurance providers and payment processors also utilize the company’s software.
With its headquarters in London, the United Kingdom, HSBC is a multinational banking and financial services company. In terms of total assets, it is one of the biggest banks in the world and the largest bank in Europe. HSBC serves more than 40 million customers and operates in 64 countries and territories.
Personal, business, and investment banking are just a few of the numerous banking and financial services provided by HSBC. A range of insurance and wealth management services are also provided by the bank.
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