CBN’s new spurs demand for automation as local AI platform claims early compliance edge

Central Bank of Nigeria’s new anti-money laundering (AML) rules are pushing financial institutions to adopt automated compliance systems, with technology firms already positioning themselves to meet the deadline.

Smartcomply, a compliance and cybersecurity technology company, said on Monday that its AI-powered Adhere platform already meets the baseline standards set by the regulator earlier this month.

The central bank issued a circular on March 10 requiring banks, mobile money operators and other regulated institutions to deploy automated AML solutions within 18 to 24 months. Firms must also submit implementation plans within three months.

The move signals a shift by the regulator to tighten oversight and reduce financial crime risks in Nigeria’s banking system, as digital transactions continue to grow.

Gbemisola Osunrinde, Smartcomply’s chief executive, told BusinessDay that the company built its platform to address the type of compliance requirements now being enforced.

“Adhere was designed for transaction monitoring, customer verification and regulatory reporting in line with African regulatory needs,” she said.

Read also: How one homegrown platform aligns with Nigeria’s new mandatory AML standards

The platform integrates with national identity systems such as the Bank Verification Number (BVN) and National Identification Number (NIN), and includes features like automated customer checks, sanctions screening and fraud detection.

Industry analysts say the new rules could drive significant investment in compliance technology, as institutions move away from manual processes that are slower and more prone to errors.

The requirements cover key areas such as transaction monitoring, customer due diligence, risk profiling, case management and regulatory reporting, all of which must now be automated.

Smartcomply said its system also allows real-time monitoring and generates alerts using behavioural pattern recognition and anomaly detection, helping compliance teams respond faster to suspicious activities.

The company added that its platform is already in use by financial institutions in several African markets, which may give it an advantage as Nigerian firms look for tested solutions.

Osunrinde said institutions that move quickly would likely adopt systems built for local regulatory conditions, rather than adapting foreign solutions.

Read also: Banks, Fintechs face new CBN deadline for automated AML systems

The central bank’s directive comes as regulators globally increase pressure on financial institutions to strengthen AML controls, especially in fast-growing digital economies.

For Nigeria, Africa’s largest economy, the new rules could reshape how banks manage compliance, while creating opportunities for local technology providers offering specialised solutions.