CBN Sets New Compliance Deadline for AML Systems

The Central Bank of Nigeria (CBN) has mandated that deposit money banks must achieve full compliance with newly introduced baseline standards for automated Anti-Money Laundering (AML) systems within 18 months, while other financial institutions have a 24-month deadline. This directive, issued on March 10, 2026, aims to strengthen the stability and integrity of Nigeria's financial system by improving the detection and reporting of suspicious financial activities.

The CBN has instructed affected institutions to submit an implementation roadmap to their compliance departments within three months. The new guidelines emphasize that manual compliance systems are inadequate in an increasingly digital financial landscape.

The CBN's requirements include real-time transaction monitoring, enhanced customer due diligence, and the use of advanced technologies such as artificial intelligence and machine learning. Non-compliance may result in regulatory actions, including administrative sanctions and financial penalties.