Martin Markiewicz, CEO of Silent Eight, says banks are often “one decision away from a huge mess” when it comes to financial crime.

Financial firms are at risk of fines and reputational damage if they don’t do enough to combat money laundering and terrorist financing. Investigation and prevention of such activities take a great deal of time and resources.

With Markiewicz’s company, banks can use artificial intelligence (AI) to combat these challenges, reducing the amount of resources needed to combat crime and keeping regulators happy.

We have a grand idea for a product— artificial intelligence should do this job, not humans,” Markiewicz said at an OTB Ventures conference on Thursday. Therefore, you should be able to conduct millions of these investigations without being limited by the size of your team.”

Markiewicz wants to put Silent Eight in a position to go public in the United States as soon as his company’s revenue grows threefold this year.

Silent Eight’s software is powered by generative AI, the same technology that underpins the viral ChatGPT chatbot. It is trained differently, however.

Using a large language model, or LLM, ChatGPT is trained. Using this data, you can initiate ChatGPT and receive a response within minutes.

The Silent Eight model is trained on several smaller models that are specific to a particular task. AI models can be used to analyze the translation of names between different languages, for example. An individual may be flagged if they open accounts with different spellings of their names around the world.