CBN Introduces Automated AML Solutions to Fight Financial Terrorism, Gives Deadline to Banks

Work permit, valid passport, N80k fee… how Nigerians in diaspora can apply for BVN

Nigerians living abroad are now required to pay $50 (about N80,000) to register for the bank verification number (BVN).   On May 13, the CBN, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), launched the non-resident bank verification number (NRBVN) platform to ease access to financial services for Nigerians in the diaspora.   The NRBVN platform allows Nigerians abroad to obtain their BVN remotely, eliminating the long-sta…

REGULATION OF ANTI-MONEY LAUNDERING IN NIGERIA – CBN EXPOSURE DRAFT ON STANDARDS FOR AUTOMATED ANTI-MONEY LAUNDERING (AML) SOLUTIONS – Pavestones Legal

BY SEUN TIMI-KOLEOLU AND ENIOLA SOGBESAN Introduction The fight against money laundering and terrorist financing remains a critical priority for global financial systems. As financial transactions have become increasingly digitized, the importance of robust and automated Anti-Money Laundering (AML) solutions have become imperative.  To this end, the Central Bank of Nigeria (CBN) in pursuance of its regulatory powers on May 20, 2025, issued a dr…

CBN Proposes New Tech-Driven AML Standards to Combat Financial Crimes in Real Time - TV360 Nigeria

In a bold move to modernize anti-money laundering (AML) efforts within Nigeria’s financial sector, the Central Bank of Nigeria (CBN) has unveiled a draft framework titled “Baseline Standards for Automated AML Solutions”. The document aims to drive the adoption of cutting-edge technologies by financial institutions to detect and report suspicious transactions in real time. The draft standards were released in a circular signed by Olubukola Akinwu…

CBN Orders Banks to Activate Real-time Alerts for High-Risk Transactions

By Aduragbemi Omiyale All financial institutions operating in the country have been directed by the Central Bank of Nigeria (CBN) to implement real-time alerts for transactions considered to be high-risk in compliance with the enhanced Anti-Money Laundering (AML) system designed to safeguard the integrity and stability of the nation’s financial system. In a circulated dated […]

CBN Unveils Baseline Standards For Anti-Money Laundering Solutions - News360 Info - Breaking News, Nigerian News and Multimedia, World News.

The Central Bank of Nigeria (CBN) has introduced a draft titled ‘Baseline Standards for Automated Anti-Money Laundering’ (AML) solutions, aimed at promoting the adoption of emerging technologies by financial institutions. These technologies are designed to enhance the detection and real-time reporting of suspicious transactions. This information is detailed in a letter from the Director of […] The post CBN Unveils Baseline Standards For Anti-Mon…

CBN introduces automated AML solutions to fight financial terrorism, gives deadline to banks

The Central Bank of Nigeria (CBN) has introduced a draft Baseline Standard to automate anti-money laundering and counter-terrorism financing processes.