Mashreq champions next-gen financial crime risk management with Eagle Eye platform

The solution combines multiple risk detection capabilities, machine learning models supported by next-gen analytics and highly intuitive, bespoke UI/UX-enhanced workflow platform.

Recent data suggest that financial institutions face an estimated cost of $2.4t annually due to financial crimes, stressing the urgent need for innovative solutions to address efficiency and effectiveness in financial crime risk management.

Mashreq, one of the leading financial institutions in the MENA region, has been at the forefront of innovating rapidly in the digital banking space, and the DNA of building and adopting next-gen technology is ingrained into all parts of the bank, including compliance. Given the complex set of governing regulations and tighter timelines to investigate cases that required reducing case investigation timelines, the fast-evolving financial services ecosystem with partnerships, new payment rails, and resultant typologies, compliance at Mashreq redoubled their efforts in building a platform, leveraging deep subject matter expertise and a vibrant technology capability. 

Prior to the development of Eagle Eye platform, Mashreq AML Team had to extract data from multiple legacy systems, identify risks using standard traditional rules-based detection scenarios, utilise spreadsheets for analysis, and write lengthy case narratives, leading to poor employee and customer experiences as well as suboptimal productivity.

Nishanth Nottath, Executive Vice President and Head of AML, ABC & RegTech, said, “Eagle Eye platform brings together the power of multiple risk-detection engines (traditional rules-based along with bespoke risk engines developed by the Compliance Data Analytics team in PCAP (Proactive Compliance Analytics Platform), score the events with an in-house developed predictive machine learning models, bring together curated data-sets in to one single view, present the output using advanced visualisation, powered by journeys carefully designed applying latest UI / UX standards.  Eagle Eye incorporates automated narrative writing capabilities, allowing Analysts to fully focus on risk management and decisioning”.

Eagle Eye features advanced customer segmentation performed through bespoke AI / ML models, source and utilise multiple non-transactional data sets including device IDs, enhanced location identification, and behavioural network analytics to visualise fund flows. The platform reimagines risk signals and data sources, and redefines customer centricity by combining KYC, AML, sanctions, and draws lessons and synergies from elements of cyber and fraud risk management.  

The solution has been successful in improving productivity by over 110% in terms of cases per analyst per day, reduced investigation time by over 80%, helped half the average cost per case from early 2022 to Q1 2024 whilst ensuring adherence to regulatory requirements, and zero backlogs.

Scott Ramsay, Group Head of Compliance and Bank MLRO notes, “The milestones achieved by Eagle Eye have set the foundation for a paradigm shift in future compliance operating models, where optimally balanced, highly skilled teams of Risk Engineers, Risk Analysts and Interlocutors can work seamlessly to mitigate financial crime risks”.

Such capabilities have caught the attention of the coveted Middle East Technology Excellence Awards 2024, as Mashreq gets acclaimed with the win in the AI - Banking category.

The prestigious awards programme honours pioneers of technological innovation in the region, having significantly contributed to the pursuit of excellence within the industry. It celebrates companies, initiatives, and leaders that have utilised advanced technologies in improving business outcomes.

The Middle East Technology Excellence Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Danica Avila at [email protected].