WorkFusion, a leader in AI-driven automation for financial crime compliance, unveiled Edward, a new AI Agent purpose-built to automate and accelerate the traditionally time-consuming Enhanced Due Diligence (EDD) process. By dramatically reducing manual effort and enhancing risk mitigation, Edward is set to redefine how financial institutions manage high-risk customer reviews.
EDD has long been a resource-intensive task, often taking days or even weeks due to the heavy reliance on manual data collection and analysis. With global spending on Anti-Money Laundering (AML) systems expected to hit $51.7 billion by 2028, the demand for operational efficiency is more urgent than ever. Edward tackles these challenges head-on, helping institutions cut manual workloads by 40–60% and boost review throughput by an impressive 3–5X.
“For those of us who have been in the industry for a long time, we know that AML processes have been slow to evolve. Twenty-five years in, we now have the tools to usher in the next generation of financial crime compliance,” said David Caruso, head of financial crime compliance for WorkFusion. “EDD places immense pressure and resource drain on compliance teams. Our new AI Agent, Edward, empowers EDD teams to focus on what they do best: identifying and understanding risks. By automating the exhaustive hunting and gathering, tiresome copy and pasting, and completing initial analysis, Edward allows for deeper, more efficient assessment of high-risk customers.”
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Edward also integrates seamlessly with other AI Agents from WorkFusion’s suite—such as Evan, the Agent for adverse media monitoring—delivering deeper and more comprehensive case insights through collaborative agent-to-agent interactions.
Key Features: How Edward Elevates the EDD Workflow
Edward brings powerful automation and intelligent analysis to streamline the high-risk review process with the following capabilities:
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Accelerated Data Collection: Extracts critical information from KYC systems, transaction monitoring tools, internal case management platforms, and trusted third-party sources.
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Automated Organization: Structures and categorizes gathered data for clearer workflows and easier review by investigators.
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Advanced Transaction Analysis: Evaluates transaction patterns against expected behavior, detecting anomalies and emerging risks.
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UBO & SoW/SoF Insights: Conducts thorough background checks on key individuals, identifies Ultimate Beneficial Owners, verifies licensing and registration, retrieves transaction histories, and produces full documentation-ready output.
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Investigation-Ready Summaries: Generates pre-formatted, professional case dossiers (e.g., Word documents) to provide investigators with a ready-to-use starting point.
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Enhanced Risk Assessment: Delivers actionable insights that support smarter, faster, and more accurate risk ratings.
As financial institutions face growing regulatory pressure and operational costs, Edward positions itself as an indispensable tool for EDD teams seeking both agility and compliance excellence.