Singapore/Hong Kong, 14 November 2018 – Silent Eight has won the RegTech Award for Artificial Intelligence & Machine in the inaugural Regulation Asia Awards for Excellence 2018 at a ceremony in Singapore on 13 November 2018.
The firm emerged as the winner after a rigorous selection process, involving a judging panel made up of subject-matter experts and the Regulation Asia editorial team.
Silent Eight helps banks optimise customer name screening, transaction monitoring and payment screening – processes that have traditionally been manual and time-consuming. The firm’s technology uses machine learning algorithms to screen client entities against sanctions lists, criminal records, court cases and other public and private data, effectively doing the work of analysts and freeing up their time to focus on individual cases that require human review.
The technology allows banks to reduce investments in headcount and internal systems, make fewer mistakes and ultimately reduce the risk of fines related to money laundering and terrorism financing. Silent Eight’s innovative and effective approach to screening will serve to improve the health of and offer greater certainty for the entire financial system, noted one judge.
Silent Eight is focused on bigger financial institutions with large transaction volumes. Among the 12 big banks using its technology is Standard Chartered Bank, whose financial crime compliance teams are using the technology to apply machine learning and natural language processing to their own name screening processes. The machine will screen customer and related-party names against watch lists using fuzzy logic, whereby a Silent Eight-powered optimisation engine will learn to replicate human assessments based on historical case decisions.
True or false match recommendations will be supported by a plain English narrative explaining the machine’s decisions, reducing the time compliance analysts spend reviewing cases. The machine will improve its algorithms over time by learning from the actions analysts take. The will result in an even more effective system in the long run, said another judge justifying the award.
About the Regulation Asia Awards for Excellence 2018
The inaugural Regulation Asia Awards for Excellence recognises technology companies, legal and consulting firms, and exchanges that have shaped the regulatory landscape in Asia Pacific, as well as outstanding technology projects both in mature and emerging markets by large tech firms and innovative startups that help meet the requirements of a specific regulatory change infrastructure.
For a full list of award winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. Since 2013, our audience and subscription base have grown to include regulatory bodies, exchanges, banks, asset managers and service providers, allowing us to play a key role in the regulatory agenda.
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