WorkFusion has introduced a new AI Agent named Edward, aimed at transforming the Enhanced Due Diligence (EDD) process for banks and other financial organisations.
The launch of Edward comes in response to the growing burden that EDD places on compliance teams. With global spending on AML systems forecast to hit $51.7bn by 2028, the demand for more efficient solutions is becoming urgent. Traditional EDD processes are known to be time-consuming, often taking days or even weeks due to the heavy reliance on manual data collection and analysis.
WorkFusion specialises in building AI Agents that help automate key financial crime compliance workflows, such as adverse media monitoring and customer due diligence. Its platform is used by banks and other financial institutions to streamline operations, reduce regulatory risk, and improve investigator productivity.
The new AI Agent, Edward, is designed to dramatically reduce the time and resources required for EDD reviews. By automating data collection, transaction analysis, and background checks, Edward cuts manual effort by 40–60% and boosts case throughput by three to five times. The platform consolidates and structures data from internal systems and external sources to generate comprehensive, ready-to-use dossiers for investigators.
Edward’s capabilities include automated retrieval of information from KYC records, case management tools, and transaction monitoring systems. It organises this data, performs behavioural analysis to flag anomalies, and assists in identifying UBOs and verifying documentation. The result is a structured report that supports more informed risk assessments and faster compliance decisions.
Another key feature is Edward’s ability to work in tandem with other WorkFusion AI Agents. For instance, Edward can draw on insights from Evan, an AI Agent focused on adverse media monitoring, to enhance the depth and accuracy of EDD case files.
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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