CBN’s New AML Rules Push Banks Toward Automation: Local AI Platform Leads Compliance Drive

The Central Bank of Nigeria (CBN) is accelerating the adoption of automated anti-money laundering (AML) solutions across the country’s financial sector. In a March 10 circular, the regulator directed banks, mobile money operators, and other regulated institutions to deploy automated AML systems within 18 to 24 months and submit implementation plans within three months. The move reflects the CBN’s growing focus on reducing financial crime risks amid the rapid growth of digital transactions.

Local technology firm Smartcomply says it is already ahead of the curve. Its AI-powered Adhere platform reportedly meets the baseline standards outlined in the new CBN guidelines. The company highlights that Adhere was purpose-built to handle transaction monitoring, customer verification, and regulatory reporting aligned with African regulatory frameworks.

“Adhere integrates seamlessly with Nigeria’s national identity systems, including the Bank Verification Number (BVN) and National Identification Number (NIN), providing automated customer checks, sanctions screening, and fraud detection,” said Gbemisola Osunrinde, Smartcomply’s CEO. “Institutions that act quickly will benefit from systems designed for local regulatory needs rather than retrofitting foreign solutions.”

Industry analysts note that the CBN’s directive could spur significant investment in compliance technology. The requirements cover key areas such as customer due diligence, risk profiling, case management, and real-time transaction monitoring—all of which must now be automated. Experts suggest this shift will enhance efficiency, reduce errors, and allow compliance teams to respond faster to suspicious activities using behavioral analytics and anomaly detection.

As Nigeria, Africa’s largest economy, aligns with global trends for stronger AML controls, the new rules present a dual opportunity: they push banks and fintechs toward modern, automated compliance, while opening a market for local AI and technology providers. Platforms like Adhere, already in use across several African markets, may become the preferred solution for financial institutions seeking tested, locally relevant compliance tools.

source: Business day