Silent Eight, the technology company using AI to combat money laundering and terrorism financing, has completed a new round of funding, bringing the company's total capital raised to $15m.

The investment round was led by OTB Ventures, and supported by Koh Boon Hwee, Chairman and General Partner of Altara Ventures, and SC Ventures. All are existing investors of the company.

Founded in 2013, the firm's AI-powered solution helps organisations combat money laundering and terrorist financing, with an auditable technology process to enable transparent compliance with new regulatory obligations and economic sanctions.

Last year, global financial institutions faced approximately $10 billion fines from supervisory authorities for non-compliance with KYC, anti-money laundering (AML) and sanctions. 40% of the non-compliance fines enforced in 2019 were related to trade sanctions.

Silent Eight's solutions are deployed by firms in over 70 countries, including Standard Chartered Bank.

Martin Markiewicz, Founder and CEO at Silent Eight said: "Every bank and every financial institution aims to provide a bespoke customer experience in a secure and seamless way. As financial criminals get savvier in their techniques, our team’s goal is to provide a unique solution that prevents them from endangering the global economy and profiting from those most vulnerable."

Praveen Jain, Head Financial Crime Compliance Surveillance Solutions and Innovation at Standard Chartered Bank, said: "At Standard Chartered Bank, we are continually investing to be at the forefront of the ever-changing financial crime landscape and our partnership with Silent Eight brings us new cutting-edge capabilities. Every day, Silent Eight's AI-powered platform is helping our compliance analysts reach decisions faster, while improving quality and consistency in our approach to identifying financial crime risk."