Following this announcement, the Bank of Bahrain and Kuwait (BBK) is set to implement the SymphonyAI artificial intelligence-based anti-money laundering (AML) transaction monitoring and customer due diligence technology. With the use of SymphonyAI’s scalable and sophisticated SaaS, BBK will have the possibility to rapidly scan massive quantities of transactions to reduce false positives, as well as identify bad actors and ensure regulatory compliance.
In addition, the companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
As a retail and corporate financial institution spanning Bahrain, Kuwait, India, Turkey, and the UAE, BBK sought robust and secure technology that would enable it to zero in effectively on increasingly sophisticated financial criminals. At the same time, the process aims to also reduce false positive rates that distract investigators from focusing on the transactions and customers that merit scrutiny.
SymphonyAI’s advanced AI capabilities, powered by its Eureka AI platform, will provide advanced tools for crime detection and prevention, with the agility to quickly and effectively respond to changing regulations across BBK’s multi-country markets and industries as well.
BBK Group will remain committed to its strategy of leveraging optimised technology through the use of SymphonyAI’s SaaS product architecture which combines capabilities that focus on financial crime detection and compliance in the present and in the future. At the same time, SymphonyAI’s holistic AI-powered portfolio enables the company to equip financial institutions worldwide with efficient crime detection, investigation, and prevention capabilities in the rapidly evolving technology landscape.
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