HSBC has signed a multi-year partnership with RegTech provider Silent Eight to bolster its financial crime operations.

Under the terms of the agreement, Silent Eight will support HBSC’s compliance function with AI-based technology that will help to improve manual processes and existing statistical models to decrease risk while creating efficiencies.

Silent Eight leverages AI to create custom compliance models for financial institutions.
HSBC will use Silent Eight’s technology to investigate and resolve financial crime cases in the same way an analyst would with greater speed, precision and consistency.

Following a successful trial period, the solution is set to be integrated into HSBC’s existing infrastructure to provide case adjudications that are explained and auditable.

Commenting on the deal, HSBC’s group head of compliance services, Matt Brown said: “Given the growth in alert volumes, and unpredictable spikes driven by global volatility, we saw an opportunity with Silent Eight that would give us the ability to close alerts quickly and accurately.”

Silent Eight was founded in Singapore in 2013, and has since grown its footprint with global hubs in New York, London, and Warsaw. Its anti-money laundering and financial crime technology is now deployed in over 150 markets.

Silent Eight chief executive and co-founder, Martin Markiewicz, said: "We're delighted to find a partner that shares our focus on eliminating financial crime.

"HSBC's dedication to this project is just one aspect of their tireless commitment to improvement, and to helping drive AI innovation across the industry," he added.

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