The funding comes from SV Ventures, the bank's innovation and FinTech unit
In Brief:
- Silent Eight has raised an oversubscribed $6.2mn in its Series A round
- The start up uses AI for anti-money laundering and counter-terrorism services
- Standard Chartered is Silent Eight’s largest client - it has implemented its sanctions screening process in over 40 markets.
What this means
Banks find themselves in a constant digital battle with criminal elements and AI-driven RegTech has a big part to play in helping them protect their systems and their customers.
