WorkFusion, a leader in AI-driven financial crime compliance solutions, has unveiled a new AI Agent named Edward, aimed at transforming the Enhanced Due Diligence (EDD) process for financial institutions.
The launch of Edward comes in response to growing pressure on compliance teams to manage high-risk customer reviews more efficiently. EDD procedures, which involve extensive data gathering and analysis, are often slow and labour-intensive, placing a heavy burden on banks and financial institutions. With global spending on anti-money laundering (AML) systems projected to hit $51.7bn by 2028, there is an urgent need for scalable, intelligent solutions that reduce costs while improving risk mitigation.
WorkFusion specialises in building AI Agents for financial crime compliance, with tools designed to streamline workflows, reduce manual input, and support regulatory adherence. The company’s suite of AI-driven solutions targets some of the most complex challenges in compliance, from transaction monitoring to adverse media screening.
Edward is engineered to specifically tackle the inefficiencies of EDD. The AI Agent significantly reduces manual workload by 40–60% and increases case processing throughput by up to 5X. It automates key aspects of the EDD process, including data gathering from KYC, transaction monitoring and third-party systems, organising information, analysing transactional behaviour, and assessing the source of wealth and funds.
The tool also provides agent-to-agent integration, allowing Edward to collaborate with other WorkFusion agents, such as Evan, which focuses on adverse media monitoring. This cross-agent functionality enhances the quality and completeness of EDD investigations.
Edward’s advanced features include generating pre-formatted case dossiers, performing anomaly detection, verifying UBOs and registration statuses, and informing risk ratings. Investigators can start with a ready-to-use, structured output, freeing them to focus on assessing risk rather than compiling data.
WorkFusion head of financial crime compliance David Caruso said, “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. 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.”
How does the AI Agent make EDD faster and more accurate? On the first point, Caruso highlights that 75% of due diligence remains hunting, gathering, copying, pasting, and screenshotting customer and transaction data. Edward does this in minutes, whereas it takes an investigator hours.
On accuracy, he added, “Any work that takes hours and relies on rote and repetitive tasks is prone to error and omission. This is understandable because it is how humans operate. Edward, however, is not prone to distraction or fatigue. He finds, organizes, and presents data needed by the EDD investigators.”
What risks or problems can the AI Agent find during EDD? Caruso commented,”Edward conducts several types of EDD analysis. For example, regulators like to see if financial institutions compare types of high-risk customers to others in that same category, called “cohort analysis.” Edward can identify other similar types of high-risk customers and conduct this transaction analysis.
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