The Central Bank of Nigeria (CBN) has extended the deadline for Nigerian financial institutions to comply with its new baseline standards for automated anti-money laundering (AML) solutions.
The move follows an earlier proposal by the apex bank that gave financial institutions a 12-month deadline to meet the requirements when the guidelines were first introduced.
The extension was announced in a circular issued yesterday and signed by Akinwunmi Olubukola, Director of the Banking Supervision Department, alongside Olubunmi Ayodele-Oni, who signed on behalf of the Director of the Compliance Department.
According to the circular, deposit money banks are required to achieve full compliance within 18 months, while other financial institutions have been given a 24-month timeline, with both timelines taking effect from March 10, 2026.
The directive stated that implementation of the guidelines begins immediately from the date of issuance, with institutions expected to submit their implementation roadmaps to the Compliance Department within three months.
“The implementation of these guidelines shall commence from the date of issuance, while full compliance shall be 18 months for deposit money banks and 24 months for other financial institutions,” the circular stated.
The CBN also urged stakeholders across Nigeria’s financial sector to strictly adhere to the new regulations, noting that the apex bank will continue to monitor developments and provide further guidance where necessary.
