WorkFusion, a regtech company specializing in AI agents that fight financial crime, announced that it has released Evelyn “LT,” a trial-sized version of its award-winning AI Digital Worker designed to automate the time-consuming tasks of adverse media monitoring. Evelyn LT is a pre-built, GenAI-powered solution that automates the tedious and error-prone tasks related to adverse media monitoring, a critical anti-money laundering (AML) due diligence process required for Know Your Customer (KYC).
Evelyn LT automatically reviews and dispositions customer screening alerts for adverse media, reducing an organization’s chances of doing business with risky clients. Any organization, no matter the size, with adverse media/KYC needs can now easily and inexpensively access Evelyn’s capabilities to run negative news search data live via Large Action Models (LAMs) and answer questions via a chat-style interface powered by large language models (LLMs). Evelyn LT is available anytime and can be accessed via PC or mobile device.
“Historically, adverse media screening tools deliver so many alerts that compliance teams are routinely overwhelmed and lack the resources to adequately evaluate and adjudicate each alert. What’s more, the vast majority of those alerts are false positives,” said Adam Famularo, CEO of WorkFusion. “While our traditional AI Digital Worker Evelyn is fantastic for organizations that need a long-term, enterprise-scale adverse media monitoring automation solution, Evelyn LT delivers quick and immediate results on a monthly or try before you buy basis. For organizations with lower volumes or those hesitant to commit to an enterprise agreement, Evelyn LT can be used to augment L1 staff, as needed. If Evelyn is akin to hiring full-time analysts, Evelyn LT is like hiring a temporary or part-time worker.”
While a human analyst might need about 10-20 minutes to review an adverse media alert manually, with the assistance of Evelyn LT, this time can be reduced to about two minutes. The full version of Evelyn consults third-party sources such as online news sources, commercial databases and research organizations to support her decisions, with the LT version focused on Google as the news provider. She then highlights high-risk articles for analyst review and provides detailed justification for false positives. This results in an 80%+ reduction in the time needed to manually review these news sources, leading to substantial time savings.
Pricing for Evelyn LT is available in three tiers:
- Starter: $150/month for up to 100 transactions (add’l transactions $1.50 each)
- Standard: $675/month for up to 500 transactions (add’l transactions $1.35 each)
- Standard +: $1250/month for up to 1000 transactions (add’l transactions $1.25 each)
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