Awards | 2020-08-21

Silent Eight: Innovative Leaders in RegTech

With offices around the world, Silent Eight leverages AI to help banks and financial institutions combat money laundering and terrorist financing. Given the years of experience and success supporting them, we profiled Silent Eight to learn more about how they earned themselves the reputation as one of the most innovative AI-powered RegTech companies operating in the industry today.

Since their inception in 2013, Silent Eight has been on a mission to protect the world from those that use the financial system to conduct criminal activity, such as money laundering, terrorist financing, and human or animal trafficking. As the team first embarked upon this unique mission, they created an enterprise search solution to help AML investigators in banks find the information and data they needed in order to conduct their investigations faster.

Progressing in their commitment to their mission, Silent Eight went on to build an AI solution that behaves like a human investigator,which is the suite of AI solutions the firm currently has todayand includes name, entity and transaction alert solving. In 2018, Standard Chartered Bank (SCB) was the very first customer that adopted the solution across their entire footprint, including over 60 regulator-approved markets. After using Silent Eight’s AI for a little over a year, SCB participated in their series A funding and even furthered their investment with the firm.

Today, the key to Silent Eight’s remarkable success is that their innovative solution is both intelligent and simple, which has proven to be a winning combination for the firm. The solution seamlessly works within an organization’s existing case management system, conducting and solving alert investigations in English or a company’s preferred language. As such, the solution operates exactly like a company’s best analyst, at all times, and with complete transparency.

Working within the competitive technology landscape, Silent Eight has emerged as a pioneer in the financial crime compliance space. They achieved this by recognizing common challenges in the compliance space, namely using manual labor alone as a solution and relying on statistical methods that rely on risk weighting and scoring. Neither is an approach that Silent Eight believe is a successful model.

With regards to manual labor, the firm believe that it is not an easily scalable solution and presents a number of opportunities for mistakes that can subject a bank to risk and heavy penalties (in the forms of fines and/or reputational damage). Statistical methods are similar as they rely on suppression, which also does not eliminate the possibility of a mistake. When it comes to compliance, even one single error is not tolerable and the consequences can be severe.

CEO & Founder, Martin Markiewicz and COO & Co-Founder, Julia Markiewicz
CEO & Founder, Martin Markiewicz and COO & Co-Founder, Julia Markiewicz

Silent Eight has emerged as a pioneer in the financial crime compliance space. They achieved this by recognizing common challenges in the compliance space, namely using manual labor alone as a solution and relying on statistical methods that rely on risk weighting and scoring.

Which is why Silent Eight’s approach is to investigate every alert. Their AI allows this to be a possibility without compromising accuracy or speed and without scalability limitations. A technique which has proven to be a great success for the firm over the years.

Showing no signs of slowing down, Silent Eight’s success is skyrocketing at an outstanding rate. As their innovative services continue to transform the lives of many, the firm is growing the business, and their team, to meet the needs of clients and support their global growth. Looking ahead to what the future holds, Silent Eight is set to release transaction monitoring by Q4 of 2020 alongside their current award-winning solutions. The future looks bright for Silent Eight and we are excited to see what the team accomplishes in the years to come.

Media Inquiries

press@silenteight.com

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