The Central Bank of Nigeria (CBN) has given Deposit Money Banks 18 months to fully comply with its new baseline standards for automated anti-money laundering solutions, while other financial institutions have 24 months from March 10, 2026, to meet the requirements.
In a circular dated March 10, 2026, the CBN said, “The implementation of these guidelines shall start from the date of issuance, while full compliance shall be 18 months (for Deposit Money Banks) and 24 months (for Other Financial Institutions) from the date of issuance.”
The circular, titled Issuance of Baseline Standards for Automated Anti-Money Laundering Solution for Financial Institutions in Nigeria, was signed by CBN’s Director of Banking Supervision Department, Akinwunmi Olubukola, and Olubunmi Ayodele-Oni for the Director, Compliance Department.
It was addressed to all banks, mobile money operators, international money transfer operators, other financial institutions, and payment service providers.
The CBN also directed institutions to submit implementation roadmaps to its Compliance Department within three months from the date of issuance, tightening the transition timetable for the new compliance regime.
The regulator said the standards were issued to promote financial system stability and integrity, noting that the framework covers automated solutions for AML, combating the financing of terrorism, and countering proliferation financing in Nigeria.
