{"id":66408,"date":"2025-05-23T13:37:47","date_gmt":"2025-05-23T13:37:47","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=66408"},"modified":"2025-05-23T13:37:47","modified_gmt":"2025-05-23T13:37:47","slug":"cbn-moves-to-automate-fight-against-dirty-money","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2025\/05\/23\/cbn-moves-to-automate-fight-against-dirty-money\/","title":{"rendered":"CBN Moves to Automate Fight Against Dirty Money"},"content":{"rendered":"<p><strong>By Adenike Lawal<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>The Central Bank of Nigeria has unveiled a major step toward tightening financial integrity in the country with a draft framework proposing baseline standards for automated Anti-Money Laundering solutions.<\/p>\n<p>&nbsp;<\/p>\n<p>In a letter signed by Dr. Olubukola Akinwunmi, Director of Banking Supervision, the apex bank called on financial institutions to review and submit feedback on the new standards which aim to revolutionize compliance through cutting-edge technology.<\/p>\n<p>&nbsp;<\/p>\n<p>The framework emphasizes the use of artificial intelligence, machine learning and big data analytics to detect, prevent and report suspicious transactions in real time.<\/p>\n<p>&nbsp;<\/p>\n<p>According to the CBN, the draft is designed to boost efficiency and enforce uniform compliance in tackling money laundering, terrorism financing and proliferation risks.<\/p>\n<p>&nbsp;<\/p>\n<p>It states, \u201cThe standards are aimed at providing baseline expectations for minimum AML solution features and capabilities across all financial institutions, including banks, other financial institutions and payment service providers.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>The proposed rules mandate the automation of key processes such as risk profiling, sanctions screening, transaction monitoring and regulatory reporting. Institutions are expected to comply within one year of the framework\u2019s final release.<\/p>\n<p>&nbsp;<\/p>\n<p>The CBN added that it will carry out ongoing assessments, monitor industry-wide compliance and offer continuous training to keep AML professionals ahead of evolving financial crimes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Adenike Lawal &nbsp; The Central Bank of Nigeria has unveiled a major step toward tightening financial integrity in the country with a draft framework proposing baseline standards for automated Anti-Money Laundering solutions. &nbsp; In a letter signed by Dr. Olubukola Akinwunmi, Director of Banking Supervision, the apex bank called on financial institutions to review [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":66409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-66408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/66408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=66408"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/66408\/revisions"}],"predecessor-version":[{"id":66410,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/66408\/revisions\/66410"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/66409"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=66408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=66408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=66408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}