By Achile Danjuma
The Central Bank of Nigeria has formally released its final guidelines on automated anti-money laundering solutions, granting financial institutions a phased timeline to achieve full compliance. According to a circular dated March 10, 2026, Deposit Money Banks have been given 18 months to meet the new baseline standards, while Other Financial Institutions—including Payment Service Providers, Mobile Money Operators, and International Money Transfer Operators—have a 24-month window to comply. This revised timeline marks a significant extension from the initial 12-month implementation period proposed in earlier drafts of the regulation.
The new circular, titled *”Issuance of Baseline Standards for Automated Anti-Money Laundering Solution for Financial Institutions in Nigeria,”* mandates that institutions submit a detailed implementation roadmap to the CBN’s Compliance Department within three months of the issuance date. This requirement is designed to ensure that firms begin the transition immediately, even within the longer overall compliance window.
The directive was jointly signed by Akinwunmi Olubukola, Director of the Banking Supervision Department, and Olubunmi Ayodele-Oni, representing the Director of the Compliance Department.
The CBN stated that the new framework is critical to promoting financial system stability and integrity. The standards are intended to modernize how institutions combat financial crime by mandating automated solutions for Anti-Money Laundering, Countering the Financing of Terrorism, and Countering Proliferation Financing.
In the circular, the apex bank emphasized that the move is designed to move beyond manual compliance. “The Baseline Standards provide a framework for implementing automated solutions that strengthen the detection and reporting of suspicious transactions in real time… while also supporting the use of emerging technologies to improve overall financial crime risk management,” the bank stated.
With the clock starting on March 10, 2026, banks face a compliance deadline of September 2027, while other financial institutions must meet the requirements by March 2028. Regulated entities are reminded that they must submit their transition roadmaps to the CBN within 90 days of the circular’s issuance.