CBN rolls out powerful new standards to boost fight against money laundering with real-time tech
The Central Bank of Nigeria (CBN) has introduced a draft policy aimed at making banks and financial institutions faster and smarter in fighting money laundering by using new technologies. The document, called “Baseline Standards for Automated AML Solutions”, is open for comments from stakeholders until June 13, 2025.
In a letter signed by Dr. Olubukola Akinwunmi, Director of Banking Supervision, the CBN urged all financial institutions to review the draft and send in their feedback. The goal, the CBN says, is to strengthen the Nigerian financial system by pushing for high-tech tools that can detect and report suspicious transactions in real time.
“The CBN is committed to ensuring the integrity and stability of the Nigerian banking system,” the letter said.
The draft outlines the importance of adopting advanced technologies such as:
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Artificial Intelligence (AI)
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Machine Learning (ML)
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Big Data Analytics
These tools are meant to make it easier for banks to spot red flags quickly and to meet both local and international anti-money laundering rules, including those from the Financial Action Task Force (FATF).
What the new standards aim to do:
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Improve how banks monitor risks and suspicious people (like Politically Exposed Persons or PEPs)
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Help financial institutions move away from slow, manual processes
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Make sure banks stay up-to-date with changing laws and threats
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Support regulatory reporting and real-time transaction monitoring
The CBN also made it clear that banks will have 12 months to comply once the final standards are released. After that, the central bank will check up on them regularly to make sure the new rules are being followed.
Banks must also train their anti-money laundering (AML) teams regularly so they can stay sharp and informed about new risks and how to use the tools.
Have suggestions? Here’s where to send them:
All comments should be emailed to:
Deadline for comments: June 13, 2025.
