The Central Bank of Nigeria has issued a draft framework aimed at modernising anti-money laundering practices across the country’s financial system through the adoption of intelligent, automated solutions.
In a circular dated May 20, 2025, and addressed to all regulated financial institutions, the apex bank stated that the proposed standards are in response to the growing digitalisation of Nigeria’s financial system and the increasing sophistication of financial transactions.
The circular referenced BSD/DIR/CON/AML/018/033, outlines baseline standards for the deployment of automated anti-money laundering solutions powered by artificial intelligence and machine learning.
According to the CBN, the new standards are intended to enhance efficiency, improve detection accuracy, and ensure full compliance with both local regulations and international frameworks such as those established by the Financial Action Task Force.
The draft framework is the result of a comprehensive assessment of current AML tools used across the financial sector and incorporates best practices from jurisdictions that have adopted similar technologies.
While the standards are still in draft form, stakeholders have until June 13, 2025, to submit comments, after which the final framework will be issued.
