The Central Bank of Nigeria introduced new technology-driven regulations that required banks and financial institutions to deploy automated anti-money laundering systems. The directive aimed to strengthen the detection of suspicious financial transactions across the country. Governor Olayemi Cardoso announced the policy during a press briefing in Abuja on Monday.
Cardoso addressed the media regarding the new requirements. “We are committed to ensuring that our financial system remains secure and transparent,” he stated. “These regulations represent a significant step forward in our fight against financial crimes.”
The regulations covered all deposit money banks, microfinance institutions, and other financial service providers operating within Nigeria. Institutions received a deadline of six months to implement fully automated transaction monitoring systems. Furthermore, the Central Bank specified that manual processes would no longer satisfy compliance standards.
Hakama Sidi Ali, the acting director of corporate communications at the Central Bank, elaborated on the technical specifications. “Banks must integrate artificial intelligence and machine learning capabilities into their monitoring frameworks,” she said. “This will enable real-time detection of unusual patterns and behaviors.”
Financial institutions began assessing their current systems immediately following the announcement. The Central Bank established a phased implementation schedule to allow for orderly transition. Consequently, larger banks faced earlier deadlines than smaller institutions.
Sidi Ali confirmed the enforcement approach. “We will conduct regular audits to verify compliance,” she explained. “Institutions that fail to meet the requirements will face sanctions including fines and potential suspension of operating licenses.”
