See new CBN instruction to Access, UBA, Zenith, other banks 12-month deadline for new AML standards

• Financial institutions person been instructed by the CBN to follow artificial intelligence-powered anti-money laundering systems
• The acquisition is portion of the CBN's efforts to trim fiscal crimes wrong the banking strategy it oversees
• Banks are present mandated to deploy intelligent AML systems with capabilities specified arsenic real-time transaction monitoring

Legit.ng writer Dave Ibemere has implicit a decennary of business journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Central Bank of Nigeria (CBN) has released a draught regulatory model that mandates banks and different fiscal institutions to follow artificial intelligence-powered anti-money laundering (AML) systems.

The guidelines use to a wide scope of fiscal entities, including deposit wealth banks specified arsenic Access Bank, UBA, and Zenith Bank, arsenic good arsenic microfinance banks, owe institutions, and fintech platforms regulated nether the CBN.

Nigerian banks fixed 12 months to instrumentality AML standards Photo credit: Bloomberg/contributor
Source: Getty Images

The draught framework successful a circular published connected the CBN website dated May 20, 2025, and referenced BSD/DIR/CON/AML/018/033 was addressed to each fiscal institutions.

The apex slope stated that the projected standards are successful effect to the increasing digitalisation of Nigeria’s fiscal strategy and the expanding sophistication of fiscal transactions.

The CBN said:

"The Central Bank of Nigeria (CBN) is committed to ensuring the integrity and stableness of the Nigerian banking system. "In designation of the precocious level of digitalisation wrong the fiscal strategy and the accelerated emergence of innovative products, the CBN has developed a draught papers titled "Baseline Standards for Automated Anti-Money Laundering (AML) Solutions." "The modular is aimed astatine promoting operational ratio and ensuring regulatory compliance with AML/CFT/CPF requirements by fiscal institutions successful Nigeria. It is informed by a broad appraisal of existing solutions wrong the manufacture and aligns with planetary champion practices and planetary regulatory frameworks, including the recommendations of the Financial Action Task Force (FATF)."

Banks get a deadline to comply.

The CBN expects each fiscal instauration to align their AML solutions with these baseline standards wrong 12 months of the issuance of these standards.

While the standards are inactive successful draught form, stakeholders person until June 13, 2025, to taxable comments, aft which the last model volition beryllium issued, Punch reports.

Key highlights from the AML regulatory model

Under the projected framework, each regulated institutions indispensable deploy intelligent AML systems susceptible of real-time transaction monitoring, anomaly detection, and behavioural signifier analysis.

These systems are required to integrate artificial quality and instrumentality learning features to facilitate hazard scoring, adaptive learning, and detection of high-risk activities specified arsenic ample currency movements, cryptocurrency transactions, and suspicious cross-border payments.

Additionally, the systems indispensable interface seamlessly with halfway banking applications and onboarding platforms, and see dashboards with real-time analytics, inclination identification, and lawsuit absorption tools. Institutions are besides expected to standard the systems to lucifer their hazard profiles and transaction volumes.

EFCC identifies assorted slope frauds

Earlier, Legit.ng reported that the Economic and Financial Crimes Commission (EFCC) has issued different informing to the public, calling for vigilance and caution successful safeguarding idiosyncratic and concern slope accounts.

The antithetic types of fraud person been identified, and Nigerians request to beryllium careful.

The connection to the nationalist is portion of EFCC's bid to combat rising incidents of slope fraud crossed Nigeria.

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Source: Legit.ng