SymphonyAI’s platform is designed to process vast quantities of transactions swiftly. Credit: Gerd Altmann from Pixabay

The Bank of Bahrain and Kuwait (BBK) has deployed SymphonyAI’s AI-based anti-money laundering (AML) technology to bolster its transaction monitoring and customer due diligence processes.

This move is aimed at enhancing regulatory compliance and effectively targeting financial crime across its operations in Bahrain, Kuwait, India, Turkey, and the UAE.

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SymphonyAI’s scalable software as a service (SaaS) platform is designed to process vast quantities of transactions swiftly, cutting down false positives and pinpointing illicit activities.

BBK Group Head of Compliance and Money Laundering Reporting Officer Nadine Alshiwari stated, “At each step, we have been impressed by SymphonyAI’s industry expertise, product strategy, visionary AI roadmap, and extensive financial crime detection experience. Our mission includes a commitment to utilise 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.”

The deployment of SymphonyAI’s technology, powered by the Eureka AI platform, provides BBK with sophisticated tools for crime detection and prevention.

The AI capabilities offer the agility required to adapt to evolving regulations in the diverse markets that BBK serves.

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SymphonyAI financial services division president Mike Foster remarked, “We at SymphonyAI welcome the opportunity to join forces with BBK to spearhead their ongoing prevention from money laundering and ensure rigorous regulatory compliance. 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.”