EDD Workflow Automation

OmniEagle’s EDD (Enhanced Due Diligence) Workflow Automation module empowers your compliance team to efficiently manage and resolve high-risk cases, ensuring thorough investigations, complete documentation, and adherence to regulatory requirements. By automating key steps in the EDD process, OmniEagle reduces manual effort, minimizes errors, and provides a clear audit trail for all actions.

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Key Benefits

• Reduced Manual Effort: Automate repetitive tasks, such as requesting information, sending reminders, and tracking documentation.
• Faster Resolution Times: Expedite the EDD process, enabling quicker decisions on high-risk cases.
• Improved Accuracy: Ensure consistent application of EDD procedures and reduce the risk of human error.
• Complete Documentation: Maintain a comprehensive and auditable record of all EDD activities.
• Enhanced Regulatory Compliance: Demonstrate a robust and well-managed EDD process to regulators.

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Core Functionality

• Automated Case Creation:

  • Automatically trigger EDD workflows based on pre-defined risk criteria and alerts from transaction monitoring or CDD processes.
  • Create a centralized case file for each high-risk customer, aggregating all relevant data and documentation.

• Customizable Workflow Templates:

  • Design and configure EDD workflow templates tailored to your specific risk categories and regulatory requirements.
  • Define the sequence of tasks, responsible parties, and required documentation for each workflow.

• Automated Communication and Task Assignment:

  • Automatically send requests for information to customers via secure email or customer portal.
  • Assign tasks to compliance officers based on their expertise and workload.
  • Track progress and send reminders to ensure timely completion of tasks.

• Secure Document Management:

  • Centralized repository for storing and managing all EDD documentation.
  • Support for a wide range of document types and formats.
  • Secure access controls to protect sensitive information.

• AI-Powered Document Analysis (Optional):

  • Automated analysis of uploaded documents to identify discrepancies, red flags, or missing information.
  • Optical Character Recognition (OCR) to extract text from scanned documents.
  • Integration with external data sources to validate information and identify potential risks.

• Integrated Audit Trail:

  • Comprehensive audit trail of all EDD activities, including task assignments, document uploads, communications, and decisions.
  • Detailed reporting capabilities to demonstrate compliance and support regulatory audits.

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Use Cases

• Investigating Suspicious Transactions: Automatically initiate an EDD workflow when a transaction is flagged as suspicious by the real-time monitoring system.
• Onboarding High-Risk Customers: Trigger an EDD workflow for new customers identified as high-risk during the CDD process.
• Responding to Regulatory Inquiries: Quickly gather all relevant documentation and information for regulatory inquiries or audits.
• Managing PEP Relationships: Implement a standardized EDD process for customers identified as Politically Exposed Persons (PEPs) or their close associates.