On March 10, 2026, the Central Bank of Nigeria (“CBN”) issued The Baseline Standards for Automated Anti-Money Laundering (AML) Solution for Financial Institutions in Nigeria (“The Standards”). The Standards were issued pursuant to the powers conferred on the CBN by Section 2(d) of the CBN Act, 2007 and Section 66(2) of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The issuance of the Standards comes at a critical time, as financial crimes are becoming increasingly sophisticated and regulatory authorities worldwide are intensifying efforts to combat illicit financial flows. In response, the CBN has taken a significant regulatory step to strengthen Nigeria’s financial system by introducing standardised, automated AML compliance requirements to reinforce Nigeria’s framework for combating money laundering, terrorist financing, and proliferation financing.
This article examines the key highlights of the Standards, focusing on their scope, core compliance requirements, and the potential impact on financial institutions operating in Nigeria.
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