An HSBC-backed startup is using AI to help banks fight financial crime — and eyeing a Nasdaq IPO
Summary
WARSAW — When it comes to financial crime, banks can often be "one decision away from a huge mess," Martin Markiewicz, CEO of Silent Eight told CNBC. Thats because the risk of fines and reputational damage is high if financial firms dont do enough to stamp out crimes like money laundering and terrorist financing. Markiewiczs company uses artificial intelligence (AI) to help financial institutions fight these issues in a bid to cut the amount of resources it takes to tackle crime, keeping banks in the good books of regulators. These smaller models combine to form Silent Eights software that some of the largest banks in the world, from Standard Chartered to HSBC , are using to fight financial crime. But Silent Eights software required buy-in from Standard Chartered so the start-up could get access to the risk management data in the bank to build up its AI.
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