CBN Extends Anti-Money Laundering Compliance Deadline For Banks
The Central Bank of Nigeria (CBN) has extended the deadline for banks and other financial institutions to comply with new anti-money laundering (AML) regulations.
Under the revised timeline, commercial banks have been given 18 months to fully implement the updated compliance requirements, while other financial institutions have up to 24 months to meet the standards.
The CBN said the extension is aimed at giving institutions sufficient time to upgrade their systems, strengthen internal controls, and align their operations with the new regulatory framework.
The updated AML measures are designed to improve transparency in the financial system and enhance Nigeria’s ability to combat money laundering and other financial crimes.
Regulators also noted that the new standards will help financial institutions improve risk management and ensure better monitoring of suspicious financial activities.
The apex bank urged all institutions to use the extended timeline effectively to ensure full compliance with the regulations once the new deadline takes effect.
