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CBN Extends Deadline for Nigerian Banks' Anti-Money Laundering...
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7 Articles
CBN Orders Banks, OFIs to Deploy AI Tech to Flag Illicit Money Flows
By Adedapo Adesanya The Central Bank of Nigeria (CBN) has rolled out fresh technology-driven rules compelling banks and other financial institutions to deploy automated anti-money laundering systems capable of detecting suspicious transactions in real time. The directive, contained in a circular issued on March 10, 2026, applies to deposit money banks, mobile money operators, international […]
CBN directs Banks and fintechs to deploy anti-money laundering tools
The Central Bank of Nigeria (CBN) has directed banks and fintechs to deploy an anti-money laundering tool that detects suspicious transactions and financial fraud in real-time. This is contained in a circular released on Tuesday by the Apex Bank titled Issuance of Baseline Standards for Automated Anti-Money Laundering (AML) Solution for Financial Institutions in Nigeria. CBN explained that the framework forms part of the process to combat fina…
CBN Sets 18-Month Deadline For Banks To Implement Automated AML Systems
The Central Bank of Nigeria (CBN) has directed deposit money banks to adopt automated anti-money laundering monitoring systems within the next 18 months as part of a broader regulatory effort to strengthen oversight of financial transactions across the country’s banking sector. The directive forms part of a new compliance framework designed to enhance the detection […] The post CBN Sets 18-Month Deadline for Banks to Implement Automated AML Syst…
The Central Bank of Nigeria (CBN) has announced new guidelines requiring banks and financial institutions to use automated systems to detect and report suspicious transactions, strengthening its fight against money laundering and the financing of terrorism in the digital age. The framework, entitled Reference Standards for Automated Solutions to Combat Money Laundering, sets technological and operational standards that institutions must comply w…
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