Overview
On March 10, 2026, the Central Bank of Nigeria issued Baseline Standards for Automated Anti-Money Laundering Solutions for financial institutions. The Standards require all banks and financial institutions under the CBN's purview to operate an automated AML solution, with compliance deadlines of 18 months for Deposit Money Banks and 24 months for Other Financial Institutions.
Key requirements include real-time customer verification, sanctions and PEP screening, automated transaction monitoring, case management, regulatory reporting, and NDPA compliance. Non-compliance will attract sanctions, including against accountable individuals.
This insight examines the scope of the Standards, the core compliance requirements, and what they mean for financial institutions operating in Nigeria.
