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.
About SymphonyAI
SymphonyAI is a leading enterprise AI SaaS company for digital transformation across the most critical and resilient growth verticals, including retail, consumer packaged goods, financial services, manufacturing, media, and IT/enterprise service management. SymphonyAI verticals have many leading enterprises as clients. Since its founding in 2017, SymphonyAI has grown rapidly to 3,000 talented leaders, data scientists, and other professionals. A 2024 Microsoft Partner of the Year for Business Transformation – AI Innovation, SymphonyAI is a SAIGroup company, backed by a $1 billion commitment from successful entrepreneur and philanthropist Dr. Romesh Wadhwani. Learn more at www.symphonyai.com.
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