Of all the capabilities prescribed by the CBN Baseline Standards for Automated AML Solutions, risk profiling is arguably the most consequential — because it determines the intensity of scrutiny applied to every customer relationship from onboarding through exit, and it is the primary mechanism through which a risk-based approach to AML compliance is actually operationalised. The Regulatory Expectation The CBN AML Baseline Standards require financial institutions to implement

There is a reason the CBN AML Baseline Standards place Customer Identification and Verification at the very top of their compliance framework. Every financial crime begins with a customer relationship. Every suspicious transaction originates from an account.  The CBN AML Baseline Standards has made it clear that manual KYC processes are no longer an adequate response to the scale, speed, and sophistication of modern financial crime. The CBN AML Baseline Standards require auto

On 10 March 2026, the Central Bank of Nigeria (CBN) formally issued the Baseline Standards for Automated Anti-Money Laundering (AML) Solutions — binding on every bank, fintech, microfinance institution, IMTO, and payment service provider operating in Nigeria.  With implementation roadmaps due within three months and full compliance required within 18 to 24 months of issuance. This article breaks down: The Need for the Baseline Standards What the CBN baseline standards require

In May 2025, the Central Bank of Nigeria (CBN) released the Draft Baseline Standards for Automated AML Solutions , now widely referred to...

Introduction Nigeria’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) framework is anchored in the risk-based approach....

On August 25, 2025, Nigeria's apex bank, the Central Bank of Nigeria (CBN) issued a directs Deposit Money Banks (DMBs), Microfinance...

Note: The CBN has published the approved version of the Baseline standards on March 10, 2026. Read here how we meet the standards ************************* In May 2025, the Central Bank of Nigeria (CBN) released its draft Baseline Standards for Automated AML Solutions — now widely referred to as the CBN AML Standards. These new requirements establish minimum expectations for anti-money laundering (AML) platforms used by financial institutions in Nigeria. For many institutions

In Nigeria, financial institutions (FIs) and designated non financial professions and businesses (DNFPBs) are legally required to file...

In today’s interconnected world, financial institutions, fintech companies, and microfinance businesses must navigate an increasingly...

In the battle against money laundering and financial crime, the focus is often on banks and financial institutions, which play a critical...

At Regfyl, we understand that anti-money laundering (AML) compliance is a complex, evolving landscape, particularly for financial...

The Central Bank of Nigeria (CBN) has recently issued comprehensive regulatory guidelines for bureaux de change (BDC) operations  aimed...

Objectives and Applicability The Central Bank of Nigeria (CBN) Guidance on Ultimate Beneficial Owners of Legal Persons and Legal...

The Central Bank of Nigeria (CBN) issued Guidance Notes on Politically Exposed Persons in June 2023 (Guidance), building on its 2022...

Regfyl, a Nigerian anti-money laundering (AML) compliance startup, has raised $1.1 million in pre-seed funding to address the growing...

In the ever-evolving landscape of financial regulation and compliance, Nigerian financial institutions face increasing pressure to ensure...

Terrorism financing remains a significant threat to national and global security, and Nigeria is no exception. With insurgencies and...

Digital payments in Nigeria have grown at an exponential rate over the last several years. This is wonderful for the overall financial...

Introduction Under the relevant regulatory compliance laws in Nigeria, there is an obligation for financial institutions and designated...