The Central Bank of Nigeria (CBN) has extended the deadline for Nigerian financial institutions to comply with its newly introduced baseline standards for automated anti-money laundering (AML) solutions.
The apex bank disclosed this in a circular released on Tuesday. The document was signed by Akinwunmi Olubukola, Director of the Banking Supervision Department, alongside Olubunmi Ayodele-Oni on behalf of the Director of the Compliance Department.
According to the circular, deposit money banks have been given 18 months to fully comply with the new requirements, while other financial institutions have a 24-month timeline, beginning from March 10, 2026.
The directive also states that the implementation of the guidelines takes effect immediately from the date the circular was issued, with financial 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 bank further urged stakeholders across Nigeria’s financial sector to comply strictly with the new regulations, noting that the CBN will continue to monitor progress and provide additional guidance when necessary.
The extension follows an earlier proposal by the apex bank which had initially set a 12-month deadline for institutions to comply with the baseline guidelines for automated anti-money laundering solutions.
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