Nigeria: Central Bank opened consultation on Draft Baseline Standards for Automated Anti-Money Laundering (AML) Solutions

On 20 May 2025, the Central Bank of Nigeria opened a consultation on the Draft Baseline Standards for Automated Anti-Money Laundering (AML) Solutions, until 13 June 2025. The standards aim to promote interoperability and integration between anti-money laundering (AML) systems and other financial systems. They are intended to leverage advanced technologies, such as artificial intelligence and machine learning, to improve the real-time detection and reporting of suspicious transactions. The standards also aim to support compliance with evolving domestic and international regulatory requirements and provide a framework for continuous improvement through regular updates and performance validation. The standards apply to all financial transactions, including both traditional and crypto-related transactions and would enter into force within one year of their adoption.