Innovative predictive and generative AI products provide scalable, highly accurate financial crime detection and compliance with transformational productivity and ease of use
PALO ALTO, Calif. – Dec. 3, 2024 – SymphonyAI, a leader in predictive and generative AI SaaS products for the enterprise, today announced that Bank of Bahrain and Kuwait (BBK) is implementing the SymphonyAI AI-based anti-money laundering (AML) transaction monitoring and customer due diligence technology. With SymphonyAI’s highly scalable and sophisticated SaaS, BBK can rapidly scan massive quantities of transactions to reduce false positives, identify bad actors, and ensure regulatory compliance.
As a retail and corporate financial institution spanning Bahrain, Kuwait, India, Turkey, and the UAE, BBK sought robust, state-of-the-art technology that would enable them to zero in effectively on increasingly sophisticated financial criminals, while reducing false positive rates that distract investigators from focusing on the transactions and customers that merit scrutiny. SymphonyAI’s advanced AI capabilities, powered by its award-winning Eureka AI platform, provides advanced tools for crime detection and prevention with the agility to quickly and effectively respond to changing regulations across BBK’s multi-country markets.
“At each step, we have been impressed by SymphonyAI’s industry expertise, product strategy, visionary AI roadmap, and extensive financial crime detection experience,” said BBK Group Head of Compliance and Money Laundering Reporting Officer Nadine Alshiwari. “Our mission includes a commitment to utilize cutting-edge technology, and SymphonyAI’s AI-based SaaS product architecture combines leading-edge capabilities with ease of use to keep us at the forefront of financial crime detection and compliance now and in the future.”
“We at SymphonyAI welcome the opportunity to join forces with BBK to spearhead their ongoing prevention from money laundering and ensure rigorous regulatory compliance,” said Mike Foster, president of SymphonyAI’s financial services division. “SymphonyAI’s holistic AI-powered portfolio enables us to equip forward-thinking financial institutions worldwide with game-changing crime detection, investigation, and prevention capabilities in the rapidly evolving technology landscape. We look forward to a strong ongoing partnership with BBK.”
About Bank of Bahrain and Kuwait
Bank of Bahrain and Kuwait (BBK) is a leading financial group with more than 50 years of experience in offering groundbreaking solutions in retail banking, corporate banking, international banking, treasury, and investment. It comprises a team of financial experts and banking professionals that strive to curate an ideal banking experience characterized by innovation and creativity for its clients, shareholders, and the whole community.
Acerca de SymphonyAI
SymphonyAI es una empresa líder en SaaS de IA empresarial para la transformación digital en los sectores verticales de crecimiento más críticos y resistentes, como el comercio minorista, los bienes de consumo envasados, los servicios financieros, la fabricación, los medios de comunicación y la gestión de servicios de TI/empresa. Las verticales de SymphonyAI tienen como clientes a muchas empresas líderes. Desde su fundación en 2017, SymphonyAI ha crecido rápidamente a 3,000 líderes talentosos, científicos de datos y otros profesionales. Socio Microsoft del Año 2024 para la Transformación Empresarial - Innovación en IA, SymphonyAI es una empresa de SAIGroup, respaldada por un compromiso de mil millones de dólares del exitoso empresario y filántropo Dr. Romesh Wadhwani. Más información en www.symphonyai.com.
Contacto para la prensa
Sarah Armstrong, Treble PR for SymphonyAI
