the Central Bank of Nigeria has introduced new technology-driven regulations requiring banks and other financial institutions to deploy automated anti-money laundering systems to strengthen the detection of suspicious financial transactions across the country.
The directive was contained in a circular issued on March 10, 2026, to banks, mobile money operators, international money transfer operators, other financial institutions, and payment service providers.
According to the apex bank, the policy introduces baseline standards for automated anti-money laundering solutions aimed at improving the monitoring and reporting of financial crimes in Nigeria’s increasingly digitised financial system.
The circular stated that the move is intended to enhance compliance with existing financial crime laws and ensure that institutions deploy modern technology to combat money laundering, terrorism financing, and proliferation financing.
The bank said the new standards provide a framework for institutions to implement automated solutions capable of detecting suspicious transactions in real time.
It stated, “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.”
The circular was signed by the Director of the Banking Supervision Department, Dr Akinwunmi A. Olubukola, and Olubunmi Ayodele-Oni for the Director of the Compliance Department.
The directive was contained in a circular issued on March 10, 2026, to banks, mobile money operators, international money transfer operators, other financial institutions, and payment service providers.
According to the apex bank, the policy introduces baseline standards for automated anti-money laundering solutions aimed at improving the monitoring and reporting of financial crimes in Nigeria’s increasingly digitised financial system.
The circular stated that the move is intended to enhance compliance with existing financial crime laws and ensure that institutions deploy modern technology to combat money laundering, terrorism financing, and proliferation financing.
The bank said the new standards provide a framework for institutions to implement automated solutions capable of detecting suspicious transactions in real time.
It stated, “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.”
The circular was signed by the Director of the Banking Supervision Department, Dr Akinwunmi A. Olubukola, and Olubunmi Ayodele-Oni for the Director of the Compliance Department.