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Nigeria: Baseline standards for automated anti-money laundering solutions for financial institutions enter into force

Policy overview

Description

Baseline standards for automated anti-money laundering solutions for financial institutions enter into force

On 10 March 2028, the baseline standards for automated anti-money laundering solutions for financial institutions enter into force. The standard applies to all CBN-regulated financial institutions, mobile money operators, and payment service provide…

Scope

Policy Area
Consumer protection
Policy Instrument
User identification requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies), ML and AI development, other service provider
Implementation Level
national
Government Branch
executive
Government Body
central bank

Complete timeline of this policy change

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2025-05-20
in consultation

On 20 May 2025, the Central Bank of Nigeria opened a consultation on the Draft Baseline Standards f…

2025-06-13
processing consultation

On 13 June 2025, the Central Bank of Nigeria closes its consultation on the Draft Baseline Standard…

2026-03-10
adopted

On 10 March 2026, the Central Bank of Nigeria (CBN) adopted the baseline standards for automated an…

2028-03-10
in force

On 10 March 2028, the baseline standards for automated anti-money laundering solutions for financia…