The growing digitization of financial services has significantly increased the volume and complexity of financial transactions within Nigeria’s financial system. While this transformation has improved efficiency and financial inclusion, it has also heightened exposure to financial crimes, most notably money laundering and other illicit financial activities. As a result, traditional manual AML/CFT/CPF controls are becoming increasingly inadequate to effectively manage emerging financial crime risk.

In response to these, the Central Bank of Nigeria (CBN), on the 10th of March, 2026, issued the Baseline Standards for Automated Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT) and Countering Proliferation Financing (CPF) Solutions for Financial Institutions in Nigeria (the “Baseline Standards”). The baseline standards introduce complementary regulatory requirements mandating financial institutions to deploy automated AML Solutions capable of supporting risk-based customer due diligence, facilitating the timely detection of suspicious transactions, and enabling accurate and timely reporting to the CBN, Nigerian Financial Intelligence Unit (NFIU), and other relevant authorities in line with the Financial Action Task Force (FAFT) recommendations and other applicable international standards.