The CBN has unveiled a draft anti-money laundering framework requiring banks and financial institutions to deploy AI- and machine learning-powered systems. Institutions will have 12 months from final approval to fully comply or face sanctions.
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The Central Bank of Nigeria (CBN) has released a draft framework mandating financial institutions to adopt artificial intelligence (AI) and machine learning (ML) tools in combating money laundering.
In a circular dated May 20, 2025, the CBN said banks and other regulated entities will have 12 months to fully comply once the guidelines are finalised.
“The initiative is in response to the increasing digitalisation of Nigeria’s financial system and the growing complexity of financial transactions,” the circular stated.
Institutions are expected to deploy intelligent AML systems with real-time transaction monitoring, risk scoring, watchlist screening, and automated case management.
The standards also require integration with KYC databases, national identity platforms, and the Nigerian Financial Intelligence Unit (NFIU) for streamlined regulatory reporting.
The CBN warned that failure to meet the deadline will attract sanctions. Feedback on the draft is expected by June 13.