In a strategic move to strengthen Nigeria’s financial system against money laundering threats, the Central Bank of Nigeria (CBN) has released a draft framework titled “Baseline Standards for Automated Anti-Money Laundering (AML) Solutions.” The draft was announced in a circular signed by the Director of Banking Supervision, Dr. Olubukola Akinwunmi, and sent to all financial institutions, requesting comments and input before finalization.
The CBN emphasized its commitment to safeguarding the integrity and stability of the country’s banking system. The draft standards aim to drive the adoption of emerging technologies like artificial intelligence (AI), machine learning (ML), and big data analytics to enhance the real-time detection, prevention, and reporting of suspicious transactions.
“This initiative is in response to the rapid digitalization of the financial sector and the rise of innovative financial products,” the letter stated. The document is designed to improve operational efficiency and ensure regulatory compliance with Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) standards.
According to the CBN, the standards are informed by a thorough assessment of existing AML solutions and are aligned with global best practices, including recommendations from the Financial Action Task Force (FATF). Key objectives include:
- Strengthening AML/CFT/CPF capabilities of financial institutions;
- Promoting the use of advanced technology for real-time transaction monitoring;
- Reducing inefficiencies of manual AML processes;
- Ensuring compliance with evolving domestic and international regulations.
The draft outlines critical functionalities AML systems must include, such as risk profiling, identification of Politically Exposed Persons (PEPs), sanction screening, transaction monitoring, and regulatory reporting.
Financial institutions are expected to align with the new standards within 12 months of official release. The CBN will conduct follow-up reviews and periodic assessments to enforce compliance and has mandated regular training for AML teams to keep pace with technological developments and emerging threats.
Stakeholders have been invited to submit comments and suggestions to help refine the final version of the standards.
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 has released a draft framework titled “Baseline Standards for Automated Anti-Money Laundering (AML) Solutions.” The draft was announced in a circular signed by the Director of Banking Supervision, Dr. Olubukola Akinwunmi, and sent to all financial institutions, requesting comments and input before finalization.){kind=link}