WorkFusion Announces New AI Agent (Edward) for Financial Crime Compliance

WorkFusion has released a new AI agent called Edward to help banks and other financial institutions find and deal with financial crime. WorkFusion AI Agent Edward is designed to automate repetitive compliance tasks. WorkFusion AI Agent Edward cuts down on false positives and speeds up the process, letting human analysts focus on more difficult decisions. This new idea helps make financial crime compliance smarter and faster.

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 risk. 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.”

Edward also has agent-to-agent capabilities. He can tap into the power of WorkFusion’s portfolio of AI Agents such as Evan for adverse media monitoring, to provide more comprehensive case details. 

How Edward Transforms Your EDD Process:

• Edward’s core capabilities are designed to streamline high-risk reviews:
• Accelerated Data Collection: Gathers crucial information from KYC, transaction monitoring, case management systems, and third-party sources.
• Automated Organization: Structures and formats collected data into logical groupings to streamline investigator workflows.
• Transactional Analysis: Analyzes transactional data against expected behaviors, identifying anomalies and trends.
• Source of Wealth/Source of Funds: Automates background checks on key parties and identifies UBOs, confirms external registration status & licenses, retrieves and analyzes transaction history, etc. and constructs full output reports including proof of documents.
• Focus on Assessment: Eliminates manual data entry, allowing investigators to focus on critical thinking and analysis
• Delivers Ready-to-Use Dossiers: Generates comprehensive and formatted case dossiers (e.g. in Word) as a structured starting point for investigations.Informs Risk Rating: Provides insights for more informed risk rating decisions.

The launch of WorkFusion AI Agent Edward shows that the company is serious about using automation and efficiency to change how financial crime compliance works.