CBN Extends Anti-Money Laundering Compliance Deadline For Banks

Central Bank of Nigeria (CBN)

The Central Bank of Nigeria has given Deposit Money Banks 18 months to fully comply with its new baseline standards for automated anti-money laundering solutions. Other financial institutions have 24 months from March 10, 2026, to meet the requirements, and Nigerians have been reacting.

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.

It read, “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 Baseline Standards provide a framework for implementing automated solutions that strengthen the detection and reporting of suspicious transactions in real time and enhance compliance with applicable AML/CFT/CPF laws and regulations, while also supporting the use of emerging technologies to improve overall financial crime risk management.

All stakeholders are required to ensure strict compliance with the guidelines and all other regulations, as the CBN continues to monitor developments and issue further guidance as may be appropriate.”

WOW.