Silent Eight, led by CEO Martin Markiewicz, is employing artificial intelligence (AI) to assist financial institutions in combatting financial crime, particularly money laundering and terrorist financing. The company’s AI-based solution aims to streamline the investigative process, reducing the time and resources traditionally required for such tasks ultimately helping banks maintain compliance and avoid fines and reputational damage.
Silent Eight’s software is rooted in generative AI, similar to the technology behind ChatGPT. However, it differs in its training approach. Rather than using a large language model (LLM) trained on extensive data, Silent Eight’s model comprises several smaller models designed for specific tasks. For instance, one AI model focuses on name translations across languages, helping identify individuals opening accounts with name variations worldwide.
These task-specific models combine to create Silent Eight’s software, which is currently employed by major banks like Standard Chartered and HSBC to combat financial crime. Silent Eight’s AI models were developed based on the processes human investigators follow within financial institutions.
As of this year, Silent Eight is experiencing threefold revenue growth and expects to achieve profitability. Markiewicz has expressed the company’s desire to position itself for a U.S. initial public offering (IPO) in the future. While there is no set IPO date, the company aims to be prepared for listing on Nasdaq by the end of 2025. This readiness includes aligning its financial reporting practices with those of a public company.
Silent Eight’s innovative approach to AI-driven financial crime prevention is gaining traction among financial institutions and is contributing to its rapid growth and potential future market debut.
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