Regulatory Alerts2026-03-31 | CMD/DIR/PUB/CIR/001006Implementation of the Baseline Standards for Automated AML/CFT/CPF Solutions
The Central Bank of Nigeria (CBN) has issued a Guidance Note to clarify its Baseline Standards for Automated AML/CFT/CPF Solutions, requiring all financial institutions to implement these standards fully and submit a detailed implementation plan by June 10, 2026. This plan must outline how institutions will achieve compliance, focusing on defensibility, governance, and effectiveness, as the CBN will assess compliance at the institution level rather than endorsing specific vendor solutions. Institutions must ensure their solutions provide a consolidated view of customer risk and demonstrate strong governance, integration, and operational effectiveness, with incomplete or unsupported submissions facing supervisory action.
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