Central Bank of Nigeria Extends Deadline for Automated Anti-Money Laundering Compliance
The Central Bank of Nigeria (CBN) has extended the compliance timeline for financial institutions implementing its new automated anti-money laundering (AML) standards, granting deposit money banks 18 months and other institutions 24 months from a new生效 date.
In a circular dated Tuesday and signed by Akinwunmi Olubukola, Director of Banking Supervision, and Olububunmi Ayodele-Oni for the Compliance Department, the regulator set March 10, 2026, as the new commencement point for the full implementation period. This replaces an earlier proposed 12-month deadline when the baseline guidelines were first introduced.
The directive mandates that implementation of the automated AML guidelines begins immediately upon the circular’s issuance. All covered entities must submit detailed implementation roadmaps to the CBN’s Compliance Department within three months. The extended periods are designed to allow adequate time for system development, testing, and integration, acknowledging the complexity of deploying advanced compliance technology.
Deposit money banks, typically the largest commercial banks, are required to achieve full compliance by September 10, 2027. Other financial institutions, including microfinance banks, finance companies, and payment service providers, have until March 10, 2028.
The CBN emphasized that these baseline standards are critical for strengthening Nigeria’s financial integrity framework. The regulator urged all stakeholders to adhere strictly to the schedule, warning that it will monitor progress and issue further guidance as necessary. The move aligns with global best practices, where automated transaction monitoring and customer due diligence systems are fundamental to detecting and preventing financial crime.
This extension reflects the CBN’s pragmatic approach to regulatory implementation, balancing the urgency of mitigating money laundering risks with the operational realities faced by institutions of varying sizes and technological capacities. The continued focus on automated solutions underscores a sector-wide shift from manual, reactive compliance to proactive, data-driven risk management.
Financial institutions are now expected to prioritize these roadmaps, allocating necessary resources to meet the revised deadlines. The CBN’s active monitoring role suggests that future supervisory assessments will heavily weigh the adequacy of these automated controls.
