Enhanced Due Diligence Software for Community Banks
Deeper reports. Faster delivery. Built into your compliance workflow.
Enhanced due diligence (EDD) shouldn’t take weeks or cost more than the risk it mitigates. For many community banks, EDD remains a manual, time-consuming process: requests submitted through vendor portals, reports arriving by email, and findings stored in shared drives disconnected from the compliance record. The result is delayed onboarding decisions, incomplete documentation, and investigator time lost to administrative coordination. The challenge typically falls into four areas:
- Turnaround: traditional EDD providers take two to three weeks when compliance decisions can’t wait
- Cost: per-report pricing from established vendors is difficult to absorb at the volume community banks require
- Integration: reports delivered outside the compliance system create documentation gaps and version control problems
- Depth: level-of-coverage gaps that leave reputational, litigation, and sanctions risk insufficiently reviewed
You don’t need an EDD process designed for a correspondent bank’s due diligence team. You need one built for the review volumes, budget, and workflow of a community institution.
Alessa gives community banks EDD reports ordered directly from the platform, delivered in one-third of the time and at one-third of the cost of traditional providers, with findings stored in the compliance record automatically.
Why Community Banks Choose Alessa for Enhanced Due Diligence
Reports Ordered Directly from the Platform
EDD reports are ordered from within Alessa, without separate logins, email requests, or vendor portals. When a request is submitted, a work item is created in the platform. When the report is delivered, the requesting investigator is notified, and the report is stored directly in the customer’s compliance record. Risk indicators from the report update the customer’s risk profile automatically.
Comprehensive Coverage at Three Report Levels
Alessa’s EDD reports provide a full assessment of an individual or entity, covering corporate registration, ownership structure, current and former associated parties, sanctions and watchlist checks, Politically Exposed Person (PEP) status, regulatory checks, adverse and positive media in English and local language, court and criminal records, insolvency checks, and source of wealth assessment. Coverage scales by level: Level 1 is delivered in one business day, Level 2 in three days, and Level 3 in five days.
Lower Cost Than Traditional Providers
Alessa’s EDD reports are delivered at one-third of the average industry price, making comprehensive background analysis available at the scale community bank compliance programs require. For institutions managing EDD on limited budgets, that cost structure makes it realistic to conduct thorough reviews at the frequency the risk warrants, rather than rationing coverage to control costs.
Streamline Your Enhanced Due Diligence
A strong enhanced due diligence (EDD) process requires the right tools to assess higher-risk customers and transactions. Alessa offers automated workflows that simplify complex investigations and promote seamless collaboration across teams and departments.
Industries We Serve
A Modular AML Compliance Solution for Community Banks
EDD Reports is one module in Alessa’s integrated AML platform for community banks. Our various software solutions for the banking industry include:
A 360° View of Client Risk
Alessa provides a holistic view of customer information and activity, with daily risk updates that make suspicious activity easier to identify and resolve.
Case Management
Streamline investigations with Alessa’s automated case management, helping small compliance teams collaborate efficiently, document decisions, and resolve alerts faster.
Watchlist, PEP & Sanctions Screening
Pay only for the screening data you need. Alessa reduces false positives with configurable confidence thresholds and a sophisticated name-matching engine built for community bank budgets.
Custom Risk Scoring
Alessa provides a fully customizable risk scoring model to match your institution’s customer due diligence and KYC requirements, with updated scores delivered daily.
Automated Regulatory Reporting
Alessa auto-populates, validates, and submits regulatory reports for Financial Crimes Enforcement Network (FinCEN), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and other regulatory environments.
Identity Verification & KYC Compliance
Alessa integrates with your onboarding system to verify customer identities in real time, delivering updated risk profiles and scores from the moment a relationship begins.
Transaction Monitoring
Alessa monitors every type of transaction, both traditional and digital, across deposits, wires, checks, ACH, and SWIFT. Your team gets a complete view of customer activity and can detect suspicious movements of funds the moment they occur.
Schedule a Free Demo
See how Alessa can help your community bank order comprehensive EDD reports faster and at lower cost, integrate findings directly into your compliance record, and satisfy examiner expectations, all from one integrated platform.
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Excellent tool for fraud prevention and risk management
I have worked with Alessa for years because of how useful it is to thoroughly analyze transactions and identify suspicious operations
– Jane Doe, Company ABC
