The Central Bank of Nigeria (CBN) has directed banks, mobile money operators, international money transfer operators, and other financial institutions to submit detailed implementation plans for new automated anti-money laundering standards by June 10, 2026.
In a circular issued by its Compliance Department on March 31, 2026, the apex bank said the move is part of efforts to strengthen the effectiveness, governance, and integration of anti-money laundering, counter-terrorism financing, and counter-proliferation financing (AML/CFT/CPF) frameworks across the financial system.
The CBN noted that while industry engagement has increased following the release of the Baseline Standards for Automated AML/CFT/CPF Solutions, there are growing concerns about misinterpretation of regulatory expectations—particularly where compliance is viewed primarily through the lens of technology solutions or vendor capabilities.
To address this, the regulator has issued a supplementary Guidance Note, clarifying that compliance will be assessed at the institutional level rather than based solely on system features or external service providers.
Under the directive, financial institutions are required to fully implement the baseline standards in line with their size, complexity, and risk profile. Each institution must submit an implementation plan detailing its current compliance status, target outcomes, and specific actions required to meet regulatory expectations.
The plan must also include timelines, governance structures, and clear accountability frameworks, as well as demonstrate how institutions intend to achieve effectiveness, integration, and regulatory defensibility.
The CBN stated that submissions must follow a prescribed template and be delivered electronically in both editable and final formats.
According to the circular, the submitted plans will form the basis for supervisory review, with the regulator assessing the adequacy of implementation approaches, governance robustness, and the integration of compliance systems.
The bank warned that incomplete or inconsistent submissions could attract supervisory action.
The directive applies to all regulated financial institutions and forms part of broader efforts by the CBN to enhance financial system integrity and align Nigeria’s compliance frameworks with global standards.
