Nigeria: Money Laundering

Nigeria's Central Bank has issued new Baseline Standards requiring financial institutions to implement automated anti-money laundering solutions capable of real-time detection and reporting of suspicious activity.

In Nigeria's virtual asset market, anti-money laundering compliance has evolved from administrative formality to critical gateway for market access. As the country exits the Financial Action Task Force grey list and enforcement intensifies, virtual asset service providers face heightened supervisory expectations that directly impact licensing, banking relationships, and scalability.

Fraud has evolved beyond traditional boundaries, leveraging digital finance and global commerce to enable sophisticated cross-border crimes that can be executed remotely in minutes. Modern fraudsters exploit technological advances and interconnected financial systems to move stolen funds across jurisdictions with unprecedented speed and anonymity.

The Nigerian Financial Intelligence Unit (NFIU) is Nigeria's central agency responsible for the receipt, analysis, and dissemination of financial intelligence relating to money laundering...

Nigeria's regulatory landscape for Anti-Bribery and Corruption ("ABC") and Anti-Money Laundering ("AML") continued to evolve in 2025, reflecting increased enforcement activity, deeper global cooperation...

The arraignment of Orbby Vanessa Agwuncha before the Federal High Court by the Economic and Financial Crimes Commission (EFCC) has triggered a wave of questions...

The fight against money laundering and terrorist financing remains a critical priority for global financial systems.

In this edition, we discuss important updates issued by key regulators in the financial service sector. This month, the Central Bank of Nigeria (the "CBN") issued relevant guidelines and market updates.

This month, we examine pertinent guidelines issued by the Central Bank of Nigeria (the "CBN") to players in the financial services sector. We have highlighted these key updates and their impact on the relevant stakeholders.