The Central Bank ofNigeria, CBN, in a bid to encourage financial institutions adoption of emerging technologies that enhances detection and reporting of suspicious transactions in real time, has rolled out a draft Baseline Standards for Automated Anti Money Laundering, AML, solutions.
This is contained in its letter signed by the Director, Banking Supervision, Dr. Olubukola Akinwunmi, to all financial institutions requesting for comments before the final version.
The letter stated: CBN is committed to ensuring the integrity and stability of the Nigerian banking system. In recognition of the high level of digitalization within the financial system and rapid emergence of innovative products, the CBN has developed a draft document titled Baseline Standards for Automated AML Solutions.
The standard is aimed at promoting operational efficiency and regulatory compliance to AML/CFT/CPF requirements by financial institutions in Nigeria.