Standard Chartered partners with RegTech to fight financial crime

Standard Chartered has bolstered its fight against financial crime by partnering with RegTech firm Silent Eight.

The international banking group said it has joined with Silent Eight to deliver ‘cutting edge capabilities’ to its Financial Crime Compliance (FCC) teams.

FCC is working with Silent Eight on Screening Optimisation to apply machine learning and natural language processing to the name screening process. The process involves customer and related party names being matched against various watch lists using fuzzy logic
Silent Eight claims its optimisation engine learns to replicate the assessment in the same way that a human analyst would It reviews each risk event, using both private and public domain data, to provide true or false match recommendations.

The recommendations are supported by a written narrative explaining the decisions or recommendation and the machine will continually learn over time to improve recommendations.

FCC said it aims to use the regulatory technology to reach a decision much faster thus significantly reducing the time it takes for an analyst to review cases. The tool should also help to further improve case quality through a consistent and comprehensive review of all the attributes factored into each decision.

Markus Schulz, global head FCC Controls, added: “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.”

Silent Eight claims its client screening system can acquire data from all available sources and analyse many petabytes at once, and return fast results.

In addition, the RegTech also provides a transaction monitoring system, with full Live Transaction Screening capability. Using artificial intelligence, its system can identify patterns that legacy systems cannot address, and uses machine learning to learn and consistently improve performance with continued use.

The company’s Live Transaction Screening also provides analysts with instant smart alerts that are augmented with easy to understand graphical interpretation of the data when enough data exists.

Copyright © 2018 RegTech Analyst

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Copyright © 2018 RegTech Analyst


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