Islamic financial institution Abu Dhabi Islamic Bank (ADIB) has joined forces with regtech company Silent Eight to automate financial crime compliance screening.

Based in Singapore, Silent Eight has solutions to offer across the compliance workflow through an artificial intelligence (AI) and machine learning platform designed to detect and stop financial crime.

The regtech company will help the UAE-based bank automate the alert screening investigation process to enhance the efficiency, accuracy, and auditability of its compliance operations.

ADIB plans to integrate Silent Eight’s solutions into its operations. The launch of these is scheduled in September this year.

According to ADIB, the implementation of Silent Eight’s platform will substantially decrease the volume of false positive alerts without human intervention. This ensures complete accuracy, transparency, and auditability.

By leveraging natural language processing and machine learning, the solution will reproduce human reasoning and decision-making based on historical alert data and continuous learning.

This is expected to lessen dependence on human investigators, cut operational costs, and improve the customer experience by minimising the delays and information requests stemming from false positive alerts.

The collaboration is expected to enable ADIB to bolster its compliance operations with better efficiency and accuracy. This will reinforce the bank’s commitment to financial integrity and innovation, said ADIB.

Silent Eight senior vice president Ben Rayner said: “We are delighted to be working with ADIB, which is guided by Islamic finance values, principles of responsible corporate citizenship, and a strong belief that banking solutions should always be simple, fair, and transparent.”

“Our adjudicator for name screening will further augment ADIB’s robust digital banking solutions, providing faster and better service to their customers, while improving their compliance and reporting operations.”