Nigeria’s new anti-money laundering rules are among the world’s best
The Central Bank of Nigeria has issued a landmark framework for automated financial crime detection, setting a high standard for banks and fintech companies. The new rules require institutions to implement artificial intelligence and machine learning solutions to detect and report financial crimes within 18-24 months.
The Central Bank of Nigeria has issued new rules for automated financial crime detection. Every bank, fintech, and payment company in Nigeria must meet the standard within 18-24 months. The rules establish specific governance requirements for the use of artificial intelligence and machine learning in compliance functions. Institutions must submit implementation roadmaps to the CBN's Compliance Department within three months. The new rules put Nigeria ahead of Europe and America in terms of anti-money laundering regulations. The CBN's framework is considered exceptional by international comparison.
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