Role of Technology in Compliance Ecosystem: Insights from Tolulope Adigun

Samuel Mobolaji

Professionals in the Anti-Financial Crime (AFC) compliance field must stay updated on the newest technological advancements such as machine learning, Robotic Process Automation (RPA), and Artificial Intelligence (AI). Tolulope Adigun emphasizes that these technologies are essential tools for managing the risks of financial crime and money laundering more effectively.

Can Technology Completely Replace Humans in the Workplace?

Adigun argues that while it is crucial to leverage modern technologies to combat evolving threats and implement progress that incorporates AI and cloud computing, technology cannot fully replace humans. AI cannot replace human intelligence since humans develop AI applications through programming. Therefore, people and technology can only cooperate and work together. Technology should empower compliance professionals to handle the evolving typologies of financial crimes and money laundering, but human judgment remains essential for making the right decisions about human behaviours.

“New technology cannot fully replace humans. We still need the human element,” says Adigun. “AI can be a beneficial part of an effective AML/CFT program by increasing productivity, but we cannot depend on it 100%. We must make room for human intelligence.”

Soft skills like communication, empathy, patience, compassion, teamwork, flexibility, creative thinking, and confidence are irreplaceable by technology. Though technology can supplement human judgment and involvement to enhance the compliance process, it should not be seen as a threat to human expertise and decision-making.

Should AML/CFT Compliance Be Separate from Cyber Security Requirements?

Adigun highlights that cybercrime is considered a precursor to money laundering because it generates illegal profits that must be hidden through money laundering before they can enter the legitimate financial system. Financial crimes are not limited to money laundering and terrorist financing but also include identity theft, phishing, malware, ransomware, data breaches, corporate email breaches, hacking, cyber espionage, and plug-in denial of service.

Cyberlaundering, a sophisticated form of money laundering using the internet and other digital platforms, involves three stages: deployment, layering, and integration, similar to traditional money laundering. Effective cybersecurity measures are inseparable from AML/CFT compliance in today’s digital environment. They protect financial systems against cyber threats, improve money laundering detection, and enable cybercrime reporting.

In conclusion, while technology is a powerful ally in the fight against financial crime, it cannot replace the indispensable human element in compliance processes. Instead, it should be seen as an empowering tool that enhances the capabilities of compliance professionals, ensuring a robust defence against both financial and cyber crimes.