In a candid address at the 2025 National AML/CFT/CPF Summit in Abuja, GIABA Director-General Edwin W. Harris Jr. shed light on a pressing challenge facing Financial Intelligence Units across West Africa: the critical need for operational integrity and enhanced inter-agency cooperation. His message resonates not just across West Africa but throughout emerging markets, where financial institutions grapple with similar compliance challenges.
The summit's revelations highlight a universal truth in the compliance world: the effectiveness of AML efforts hinges not just on technology, but on the seamless integration of digital solutions with robust operational processes. While six West African nations remain on the FATF grey list, the region's technical compliance shows promising progress, particularly in Nigeria's case.
For financial institutions across South Asia, Southeast Asia, and Africa, these developments carry significant implications. As markets interconnect and regulatory scrutiny intensifies, the need for robust digital compliance solutions becomes increasingly apparent.
Enter the digital revolution in compliance. Modern AML software solutions, particularly those like Anqa AML, tailored for emerging markets, are transforming how financial institutions approach these challenges. Digital KYC and automated customer onboarding systems can significantly reduce the risk of corruption while enhancing operational efficiency.
Anqa AML's comprehensive suite of solutions directly addresses these challenges through:
- Real-time sanctions screening against global lists, ensuring continuous compliance monitoring
- Digital onboarding capabilities that reduce human intervention while maintaining rigorous standards
- Automated risk assessment tools that ensure consistent evaluation of customer profiles
- Comprehensive audit trails that promote transparency and accountability
For microfinance institutions, remittance services, and DNFBPs operating in these regions, such digital transformation isn't just about compliance—it's about competitive advantage. By streamlining operations and reducing false positives, organisations can focus resources on genuine risks while expanding their customer base.
The path forward is clear: embracing digital solutions that combine robust compliance capabilities with operational efficiency. As Harris noted, "It is time that we work together, enhance inter-agency cooperation... and work in the interests of our country and the region."
To learn more about how digital compliance solutions can transform your organisation's AML efforts, visit https://www.anqaaml.com/
Based on reporting by Nduka Chiejina, Abuja. Originally published in The Nation, January 2025.