SteelEye opens shop in Singapore to address compliance needs in APAC region

Rick Steves

“Fortifying our presence in APAC underscores our commitment to providing unparalleled support to our clients in the region. By leveraging our extensive experience, SteelEye’s market-leading trade and communications surveillance solutions are ideally placed to enable financial firms operating in APAC to meet their regulatory obligations effectively.”

SteelEye has announced its expansion into the Asia-Pacific (APAC) region with a new incorporation in Singapore in a move aimed at enhancing collaboration with clients and regulatory authorities in the area.

The decision aligns with increased enforcement activities from the Monetary Authority of Singapore (MAS), which has recently fined four banks and an insurer for violations related to money laundering and market misconduct, as highlighted in SteelEye’s 2024 Annual Fine Tracker.

Trade and communications surveillance solutions for firms in APAC

The APAC region is known for its strict regulatory environment, necessitating that financial institutions adhere to comprehensive market surveillance regulations. By establishing its presence in Singapore, SteelEye is set to offer superior communications and trade surveillance solutions to firms within APAC, leveraging its significant expertise gained in North America and Europe.

SteelEye has garnered trust from over 150 financial firms worldwide, thanks to its integrated platform that features top-tier solutions for trade and communications surveillance. The company’s innovative technology stack, powered by artificial intelligence (AI) and machine learning (ML), aids financial institutions in minimizing false positives, optimizing time, and accurately identifying risks. Additionally, SteelEye’s CoPilot for communications offers a virtual, AI-driven compliance assistant that streamlines the surveillance alert review process, enhancing efficiency and expediting resolutions.

Matt Smith, CEO of SteelEye, said: “Fortifying our presence in APAC underscores our commitment to providing unparalleled support to our clients in the region. By leveraging our extensive experience, SteelEye’s market-leading trade and communications surveillance solutions are ideally placed to enable financial firms operating in APAC to meet their regulatory obligations effectively.”

SteelEye launched AI-based Compliance CoPilot

SteelEye recently unveiled its novel Compliance CoPilot tool aimed at propelling the efficacy of compliance officers in managing alerts. The solution harnesses the prowess of advanced Large Language Models (LLMs) to expedite the Communication Surveillance Alert Review process significantly.

The recent trend of global regulators imposing fines on investment entities for inadequate monitoring of employee business communications has underscored the need for robust surveillance mechanisms. SteelEye’s Compliance CoPilot rises to the occasion by empowering surveillance teams to pinpoint and swiftly respond to risk-ranked alerts pertaining to rule violations.

At the heart of Compliance CoPilot is its ability to automate the alert review process, sifting through a colossal amount of communications data with a level of efficiency that outpaces human capabilities. Upon detecting suspicious activity in emails, meetings, attachments, chats, or phone communications, the tool conducts an assessment and provides a Risk Score, Suggested Resolution Category, and Resolution Commentary. This automation is poised to curtail the time compliance officers devote to understanding and reviewing alerts.

Moreover, the Compliance CoPilot is designed to evolve through feedback from compliance users. Users have the leeway to either accept or amend the recommendations, which in turn refines the system’s accuracy for future alerts. According to the SteelEye’s Annual Compliance Health Check Report 2023, a striking 76% of firms acknowledged a surge in compliance costs over the past year. The Compliance CoPilot, by automating myriad aspects of compliance, stands as a promising solution to pare down these costs, enhance analyst efficiency, and bolster the overall scalability of the compliance function.

SteelEye recently partnered with OEMS provider Enfusion to offer joint clients a seamless experience, with trade and order data from Enfusion’s investment management solutions flowing automatically into SteelEye’s integrated compliance platform. The integration of SteelEye with Enfusion reduces the friction and complexity of implementing trade-based compliance systems for surveillance, reporting, and best execution.

Established in 2017, SteelEye is a vanguard in offering fully integrated trade and communications surveillance solutions. With a presence in the UK, North America, Portugal, and India, the firm is dedicated to equipping financial entities with state-of-the-art algorithms and intelligent alerts for proactive detection of market manipulation and compliance breaches.

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