CBN Gives Banks 12 Months To Implement Automated Anti-Money Laundering Solutions
The Central Bank of Nigeria (CBN) has given Deposit Money Banks and Other Financial Institutions (OFI) 12 months to align their Automated Anti-Money Laundering Solutions (AML) solutions with the apex bank baseline.
The deadline was given to banks in a document on ‘Exposure Draft of Baseline Standards for Automated AML Solutions,’ obtained by THE WHISTLER.
The CBN had intensified efforts to strengthen Anti-Money Laundering rules.
The apex bank said it is ensuring the stability and integrity of the financial system.
It said as financial transactions become increasingly digitized, the need for robust, automated AML solutions has never been more urgent.
To strengthen the system, CBN said the Baseline Standards for Automated AML Solutions was issued to ensure uniformity, efficiency, and compliance across financial institutions in Nigeria.
CBN said financial institutions must, “Ensure that AML solutions comply with local regulations, such as the CBN AML/CFT/CPF Guidelines, and international standards, such as the FATF recommendations.
“Leverage advanced technologies such as Al and ML to improve the accuracy of transaction monitoring and reduce the rate of false positives.”
The guideline also directs banks to comply with standards for automating CDD and KYC processes, including risk profiling and enhanced due diligence (EDD).
The CBN said, “Financial institutions shall align their AML solutions with these baseline standards within 12 months of the issuance of these standards.”
CBN Gives Banks 12 Months To Implement Automated Anti-Money Laundering Solutions is first published on The Whistler Newspaper
