Enhanced Due Diligence (EDD)
The EDD Assistant supports compliance officers in the conduct of an Enhanced Due Diligence (EDD).
Duties of Due Diligence
According to the FINMA Anti-Money Laundering Ordinance (AMLO-FINMA), an EDD is required in the case of business relationships or transactions involving higher risk (GwV-FINMA 15 1). Analogously, the US Patriot Act dictates that institutions “shall establish appropriate, specific and, where necessary, enhanced, due diligence policies, procedures and controls that are reasonably designed to detect and report instances of money laundering through those accounts”.
How does the EDD Assistant Work?
The EDD Assistant includes a search robot, that anonymously searches the web and other sources for potentially relevant information related to due diligence. The matching web pages are anonymously downloaded and assessed. The most relevant information is compiled into a comprehensive and auditable report.
Efficient Risk Reduction
Due to the automated massive searches, the compliance risk is minimized efficiently. The EDD Assistant is a significant step towards automated and standardized compliance processes.
Anonymity
The searches are completely anonymous. The internet sees only the search robot, as an anonymizing proxy stands between the user and the search robot.
Multilingual
The search robot manages queries in eight languages, including Arabic and Russian. In addition, the search robot is also an AML specialist that recognizes the different facets of money laundering.
Reporting
The result is compiled in a comprehensive report that contains, in addition to the most relevant matches, all search parameters to guarantee full auditability.
Products
Information Retrieval
The objective of Information Retrieval (IR) is to search large data collections for information relevant to a user’s information requirements. The term “information retrieval” was coined by Calvin Mooers in 1950. Like “research” the word “retrieval” does not refer to refinding something. It rather relates to the information retrieval paradox: “If I knew what I was searching for, I wouldn’t be searching for it.”
Information retrieval is focuses on three dimensions: systems and applications, theory and models, evaluation. Various retrieval models exist, such as Vector Space Model (VSM) and probabilistic and language models. For evaluatio,n recall and precision are often used. SMART was an early retrieval system that dealt with all three aspects. RankBrain is a more recent retrieval system based on TensorFlow.
