The Evolution of AI in Financial Crimes: From 1993’s Neural Networks to Today’s Enhanced Due Diligence
In 1993, a groundbreaking step was taken in the realm of financial crime prevention—the introduction of neural networks for fraud detection. This marked the beginning of artificial intelligence (AI) in financial crime mitigation, setting the stage for the future of compliance and regulatory frameworks. One of the most notable implementations during this time was the […]
Enhanced Due Diligence and the 2024 Elections: Make America Safe Again
As the 2024 elections approach, the spotlight intensifies on national security, economic policy, and safeguarding the integrity of the financial system. One crucial yet often overlooked area that ties all these together is the role of Enhanced Due Diligence (EDD). EDD is a critical process used to protect financial institutions—and, by extension, the country—from bad […]
Navigating Global Complexities: Enhanced Due Diligence Across Industries and Regions
In today’s increasingly globalized and interconnected world, financial crimes are more sophisticated than ever. As a result, organizations conducting business internationally must adopt stringent compliance measures, such as Enhanced Due Diligence (EDD), to ensure they are not inadvertently aiding illegal activities like money laundering, terrorism financing, or fraud. However, the risks associated with certain industries […]
What is AI-Powered Enhanced Due Diligence (EDD), and How Can It Change the Game?
In today’s fast-paced digital economy, risk management and compliance have never been more critical. As businesses scale globally and regulations grow more complex, the need for effective due diligence processes has skyrocketed. Enhanced Due Diligence (EDD) goes beyond basic Know Your Customer (KYC) practices by thoroughly investigating higher-risk clients or partners. However, traditional EDD methods […]
Navigating the Landscape of KYB, KYC, CIP, CDD, and EDD: Differences, Commonalities, and the Pros & Cons
In the world of compliance, terms like KYB, KYC, CIP, CDD, and EDD are often used interchangeably, creating confusion among professionals and businesses alike. However, each of these processes serves a distinct purpose in managing financial crime risks, and understanding their differences and overlaps is crucial for crafting effective compliance strategies. This blog post unpacks […]
EDD 101: Revolutionizing Fraud Prevention from Onboarding
What is Enhanced Due Diligence (EDD)? Enhanced Due Diligence is a more rigorous approach to verifying a merchant or client’s identity and business activities. While standard due diligence might rely on basic checks like company registration or financial information, EDD goes much further, diving into a merchant’s history, ownership structure, and potential connections to high-risk […]