British banking company Standard Chartered has partnered with Singapore based regtech Silent Eight to tackle financial crimes.

Under the partnership, Silent Eight, which uses artificial intelligence-based technologies, will deliver new capabilities to the bank’s Financial Crime Compliance (FCC) teams.

It will see the deployment of an initiative called Screening Optimisation that will use machine learning and natural language processing techniques to enhance name screening process.

The initiative runs the customer and related party names against various watch lists. The machine will provide true or false match recommendations against each risk event utilising private and public domain data.

All the recommendations will carry a written narrative detailing the decision.

This automation is expected to help the analyst reach a decision swiftly, reducing review time to assess individual cases.

Further, the process will provide equal emphasis on all related attributes to ensure consistent review process.

The Silent Eight powered machine is also said to continuously upgrade itself to improve the quality of recommendations.

FCC Controls global head Markus Schulz said: “I am very pleased with this investment which is contributing significantly to the Bank’s innovation agenda.

“We see this as an exciting opportunity to empower our teams to make more effective and efficient decisions, complementing the core monitoring and screening platforms that we have already established.”

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