CBN Issues Guidance on AML Compliance Standards, Sets June 2026 Deadline for Implementation Plans

The Central Bank of Nigeria (CBN) has issued a guidance note to support the implementation of its Baseline Standards for Automated Anti-Money Laundering, Counter-Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) solutions across financial institutions.

Made in Nigeria product

The directive signed by Olubunmi Ayodele-Oni the Director of Compliance Department addressed to banks, mobile money operators, international money transfer operators, and other financial service providers, seeks to clarify regulatory expectations and address emerging misinterpretations regarding compliance, particularly those that focus narrowly on technology systems and vendor capabilities.

According to the CBN, the Guidance Note reinforces the view that compliance will be assessed at the institutional level rather than solely on deployed technology solutions. It also provides additional clarity on key requirements and should be read alongside the original Baseline Standards.

As part of the implementation framework, all regulated institutions are required to develop and submit a comprehensive implementation plan detailing how they intend to achieve full compliance. The plan must outline the current state of systems, target outcomes, timelines, governance structures, and specific actions to ensure effectiveness and regulatory defensibility.

The CBN has set a submission deadline of June 10, 2026, with institutions required to file their plans in both editable and final formats using a prescribed template.

Submissions will form the basis for supervisory review, with the regulator indicating that incomplete or inadequate plans may attract regulatory action. The CBN also noted that it will continue to engage industry stakeholders to ensure alignment and effective execution.

This move is expected to strengthen AML/CFT frameworks across the financial system, shifting the focus from technology adoption to end-to-end compliance effectiveness and governance.