The Central Bank of Nigeria, CBN, has extended the deadline for Nigerian financial institutions to comply with its new baseline standards for automated anti-money laundering, AML, solutions.
The apex bank made this known in a circular issued on Tuesday. The circular was signed by Akinwunmi Olubukola, Director of the Banking Supervision Department, alongside Olubunmi Ayodele-Oni, on behalf of the Director of the Compliance Department.
According to the circular, deposit money banks are required to achieve full compliance within 18 months, while other financial institutions have been given 24 months, starting from March 10, 2026.
The directive stated that implementation of the guidelines takes effect immediately from the date of issuance, with institutions expected to submit their implementation roadmaps to the Compliance Department within three months.
“The implementation of these guidelines shall commence from the date of issuance, while full compliance shall be 18 months for deposit money banks and 24 months for other financial institutions,” the circular stated.
It further urged all stakeholders in Nigeria’s financial sector to strictly adhere to the new regulations as the CBN continues to monitor developments and issue additional guidance where necessary.
The development comes after the apex bank had earlier proposed a 12-month compliance deadline when the baseline guidelines for automated anti-money laundering solutions were initially introduced.
Eze Chidiebere Paul
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