The Central Bank of Nigeria has opened a consultation on the Draft Baseline Standards for Automated Anti-Money Laundering (AML) Solutions. The standards aim to promote interoperability and integration between anti-money laundering (AML) systems and other financial systems. They are intended to leverage advanced technologies, such as AI and machine learning, to improve the real-time detection and reporting of suspicious transactions. The standards apply to all financial transactions, including both traditional and crypto-related transactions and would enter into force within one year of their adoption. The consultation closes on 13 June 2025.
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