Nigerian Banks Urged to Adopt AI-native AML Systems

Dr. Osagie Kingsley Omoruyi, Director of Innovation & Technology at Datalink Consulting Limited, articulated the necessity for Nigerian banks to adopt AI-native Anti-Money Laundering (AML) systems rather than relying solely on automated AML. He made this statement regarding the Central Bank of Nigeria's (CBN) recent deadlines for banks to transition from manual, batch-based AML controls to fully automated, real-time systems.

Omoruyi noted that the CBN's firm deadlines signify the end of an era in AML practices. He criticized the historical approach of treating AML as a post-fact clean-up process, citing a recent Federal High Court ruling in Lagos that ordered 71 banks and fintechs to freeze accounts linked to a N1.34 billion unauthorized transfer involving Access Bank.

He emphasized that real-time monitoring must become the standard, with identity verification integrated into transaction decisions, utilizing BVN and NIN data for risk scoring on every transaction.