Nigeria: CBN Rolls Out Baseline Standards for Automated AML Solutions

The Central Bank of Nigeria, CBN, in a bid to encourage financial institutions’ adoption of emerging technologies to enhance the detection and reporting of suspicious transactions in real time, has rolled out a draft Baseline Standards for Automated Anti Money Laundering, AML, Solutions.

The CBN disclosed this in a letter to all financial institutions signed by its Director, Banking Supervision, Dr. Olubukola Akinwunmi and requested for comments before the final version.

“The CBN is committed to…