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Standard Chartered's AI Approach To Foiling Financial Crooks

Tom Burroughes

11 July 2018

has partnered with Singapore-based regulation technology firm Silent Eight so that staff can help beat financial criminals.

Silent Eight uses Artificial Intelligence (AI) technology, using machine learning and natural language processing, to improve how names are screened and other names are matched against watch lists. The Silent Eight system “learns” to copy the kind of checks that a human makes in responding to specific cases.

With financial crime, including that which comes from hackers, a mounting worry for wealth managers, banks and others are trying to use AI tech to beat off threats. The machine will review each risk event using both private and public domain data, to provide true or false match recommendations. These recommendations will be supported by a written narrative explaining in plain English the decisions or recommendation. The machine will continually learn over time, constantly updating its algorithms to further improve the quality of its recommendations.

Standard Chartered said results provided by this new technology should help analysts decide what to do much faster, cutting the time needed to review cases, as well as building a more consistent approach.
The UK-listed bank said Silent Eight will be used by its Financial Crime Compliance teams. Silent Eight has scooped a number of industry awards, such as becoming winner of the FinTech Abu Dhabi Innovation Challenge and winner of the Monetary Authority of Singapore’s 2017 Fintech Hackcelerator award.