2024 in Review: Silent Eight’s Unmatched AML Impact and What's Next

The video presents data compiled up to September 2024.

This year, Silent Eight successfully solved over 100 million AML investigations — a remarkable achievement that speaks to the power and precision of our AI-driven solutions. How do we achieve such high volume and accuracy? Through cutting-edge technology and rigorous methodologies, we maintain an 83% peak solve rate.

Understanding Silent Eight's Solve Rate Methodology:

The peak solve rate refers to the percentage of alerts that our model identifies as either a false positive ("No Match") or a potential true positive ("Match"). False positives can be automatically closed, requiring zero manual intervention. Potential true positives are expedited to senior investigators. The remaining alerts are flagged for “Manual Investigation” and passed on for analyst review.

In addition to the efficiencies created by automatically closing false positives, the expedited review of potential true positives enables faster identification of real risks. Our clients have reported up to a 70% reduction in the elapsed time from an alert being generated to its confirmation as a true match.

Expanding Across 150 Regulated Markets

In 2024, Silent Eight continues to drive innovation by supporting decision-making processes in 150 heavily regulated markets worldwide. We have significantly expanded our partnerships with leading financial institutions, including top players among the 100 largest banks globally (HSBC, Standard Chartered, Emirates NBD, First Abu Dhabi Bank (FAB), GSS, and others). This year, we deepened our engagement with existing clients, extending our capabilities to manage new types of investigations and risk management processes. Additionally, we onboarded numerous global banks, further solidifying our position as a trusted partner in the financial crime space.

Regulatory Trust and Milestones

Silent Eight is proud to have become the first provider in the Middle East region to receive regulatory approval for the auto-closure of alerts following a comprehensive audit. This achievement demonstrates the trust regulators have in our transparency and explainability, which are core to our AI-driven decision-making processes.

Industry-Leading AI Accuracy for High-Risk Markets

Our AI language models consistently deliver industry-best accuracy, achieving an impressive 98.7% precision rate. This level of accuracy is vital when handling sensitive cases in high-risk and heavily regulated markets, where the margin for error is minimal and the stakes are high.

Setting the Benchmark for Transaction Screening Efficiency

Silent Eight has set a new benchmark in transaction screening alert adjudication efficiency. In a specific client case, on average 60% of transaction screening alerts are linked to corporate entities, and our AI solution achieves an outstanding 98.8% efficiency rate in solving these alerts. This drastically reduces the need for manual intervention, allowing financial institutions to focus on higher-value tasks and minimising operational bottlenecks and delays for their customers.

Agility in Adapting to Regulatory Changes

Silent Eight’s solution is designed to quickly adapt to evolving regulatory landscapes. Our configurable policy steps and built-in simulators empower clients to stay ahead of compliance demands and rapidly align with regulatory changes. With Silent Eight, there is no need to take the model offline and retrain it over large volumes of alerts against new policies. This agility helps institutions avoid penalties and manage compliance risks more effectively.

Operational Efficiency and Cost Savings

By reducing reliance on human investigators and minimizing costs associated with hiring, training, and the inherent risk of inconsistency and inaccuracy, Silent Eight delivers substantial operational savings. Some of our large customers expect a 20-40% reduction in operational costs over the next 12 to 18 months, driving significant efficiencies while maintaining high compliance standards.

Lowest Total Cost of Ownership (TCO)

Silent Eight’s solution is built on open-source software, eliminating enterprise licensing fees and minimizing support costs. Our streamlined architecture, coupled with self-service configurability, reduces maintenance and implementation expenses. This translates to a lower total cost of ownership (TCO), making our solution not only more effective but also more economical for financial institutions.

Looking Ahead: Meeting Tomorrow’s Challenges

As we look to the future, Silent Eight is committed to continuously enhancing our AI-driven AML and risk management solutions to meet the growing demands of the financial industry. In the coming year, we will expand our capabilities to address some of the most pressing challenges in the sector:

1. Increasing Sophistication of Financial Crime:
   With financial crime becoming more complex and adaptive, our AI will evolve to identify and prevent emerging threats more effectively, using advanced machine learning techniques that continuously improve over time.

2. Regulatory Pressure and Compliance Demands:
   As regulatory environments grow more stringent, Silent Eight’s AI will further streamline compliance processes, ensuring faster adaptation to regulatory changes while maintaining a high level of accuracy and transparency.

3. Data Privacy and Security Concerns:
   With heightened concerns around data privacy, we are investing in enhanced security features and privacy-preserving AI models to safeguard sensitive information while maintaining the highest standards of compliance.

4. Alert Fatigue and Analyst Burnout:
   As alert volumes continue to rise, we will refine our AI's capabilities to reduce alert fatigue and enhance the decision-making process, minimizing manual intervention and enabling human analysts to focus on high-priority investigations.

5. Operational Efficiency and Cost Management:
   We’ll continue to optimise our AI’s efficiency to help financial institutions reduce operational costs, improve alert handling, and drive faster time-to-resolution, ultimately lowering the total cost of ownership while ensuring industry-leading performance.

By expanding our AI capabilities and further refining its algorithms and models, Silent Eight is poised to help the financial industry navigate these challenges with precision, agility, and innovation, reinforcing our position as a trusted AML and financial crime risk management partner.