Enhanced Due Diligence (EDD) is a crucial but resource-intensive process for banks and financial institutions, requiring a detailed, thorough, and time-consuming assessment of the money laundering, fraud, sanctions, or terror financing risks a customer presents. Today, WorkFusion, a pioneer in AI Agents for financial crime compliance, announced the launch of Edward, an AI Agent specifically designed to automate and accelerate the laborious EDD process, significantly reducing manual effort and bolstering risk mitigation.

Edward directly addresses the challenges of EDD. Currently, high-risk reviews can consume days, even weeks, due to extensive manual data gathering and analysis. With global AML system spending projected to reach $51.7 billion by 2028, the need for efficiency is critical. Edward is poised to transform this landscape, enabling institutions to reduce manual effort by approximately 40-60 percent and increase 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."