Nigeria’s anti-money laundering rules are among world’s best. Now comes the hard part
The Central Bank of Nigeria has issued a landmark framework for automated financial crime detection, putting the country ahead of Europe and America in this regard. Every bank, fintech, and payment company in Nigeria has 18 months to prove it can meet the standard, which establishes specific governance requirements for the use of artificial intelligence and machine learning in compliance functions.
The Central Bank of Nigeria has issued baseline standards for automated anti-money laundering, combating the financing of terrorism, and countering proliferation financing solutions. These standards will reshape how financial institutions detect, investigate, and report financial crime. The compliance clock is running, with deposit money banks having 18 months to comply. Other financial institutions have 24 months. The standards establish specific governance requirements for the use of artificial intelligence and machine learning in compliance functions. This move puts Nigeria ahead of Europe and America in this regard, with the US and Europe still developing their regulations. The new standards will fundamentally change how financial institutions operate in Nigeria.
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