CBN Introduces New Rules to Combat Money Laundering

On March 10, 2026, the Central Bank of Nigeria (CBN) issued a circular mandating financial institutions to deploy automated anti-money laundering (AML) systems. This initiative aims to strengthen the detection of suspicious financial transactions as Nigeria's financial system becomes increasingly digitized.

The new regulations require banks and other financial service providers to comply with baseline standards that enhance monitoring and reporting of financial crimes. Institutions are expected to achieve full compliance within specified timelines, with banks given 18 months and other financial institutions 24 months to implement the required systems.

The framework emphasizes the use of advanced technologies, including artificial intelligence and machine learning, to predict and analyze transaction behaviors. Additionally, institutions must establish governance structures to monitor system performance and ensure data protection in line with Nigeria's data privacy laws.

Non-compliance with these standards may result in regulatory sanctions.