Financial crime compliance company WorkFusion has launched an AI agent designed to automate enhanced due diligence processes for financial institutions. The tool, nicknamed Edward, handles data collection from KYC, transaction monitoring and case management systems while organizing information into structured reports for compliance teams reviewing high-risk customers.
Enhanced due diligence has traditionally required manual data gathering and analysis for high-risk customer reviews related to money laundering, fraud, and the company developed Edward to automate portions of this process and generate formatted investigation dossiers, WorkFusion said in a news release.
“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 risk,” David Caruso, head of financial crime compliance for WorkFusion, said in the release. Edward can integrate with other WorkFusion AI agents, including Evan for adverse media monitoring, to provide case details for compliance teams.
