Automated AML Solutions in Nigeria: Key Deadlines for Financial Institutions Part 1

Part 1 of this client alert sets out who the Standards cover, what a compliant anti-money laundering (AML), combating the financing of terrorism (CFT) and countering proliferation financing solution must do, and the deadlines that now apply. Roadmaps were due by 10 June 2026. Full compliance falls due on 10 September 2027 for Deposit Money Banks and 10 March 2028 for other financial institutions. Application is proportionate, but no CBN-regulated institution sits outside it, and new applicants must show compliance, or a credible plan for it, to be licensed.

Institutions should now assess the gap between their monitoring frameworks and the Standards, build a technology roadmap against the deadlines, and confirm their notification obligations to the CBN are discharged. Failure carries remedial directives and sanctions against the institution and accountable individuals alike.

For further clarification, please contact TEMPLARS Partner, Emmanuel Gbahabo, and Associates, Francis Jarigo and Onyinye Omenugha.