By Aduragbemi Omiyale

All financial institutions operating in the country have been directed by the Central Bank of Nigeria (CBN) to implement real-time alerts for transactions considered to be high-risk in compliance with the enhanced Anti-Money Laundering (AML) system designed to safeguard the integrity and stability of the nation’s financial system.

In a circulated dated Tuesday, May 20, 2025, signed by the Director of Banking Supervision,

Olubukola Akinwunmi, the apex bank noted that the real-time alerts should for cross-border transactions, excessive cash deposits, cryptocurrency-related dealings, and other activities flagged under existing AML regulations.

The notice titled Exposure of Draft Baseline Standards for Automated Anti-Money Laundering (AML) Solutions – Request for Comments, outlined the regulatory expectations for modern AML compliance.

It was stated that the draft standards are designed to promote operational efficiency and ensure compliance with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) regulations.

The aim is to strengthen the AML capabilities of financial institutions through advanced, technology-driven solutions; encouraging the adoption of emerging technologies for real-time detection and reporting of suspicious transactions; reducing the inefficiencies associated with manual compliance processes; and ensuring alignment with evolving regulatory expectations both locally and internationally.

“This standard is informed by a comprehensive assessment of existing solutions within the industry and aligns with global best practices, including recommendations by the Financial Action Task Force (FATF),” the banking sector regulator said.

It made it mandatory for financial institutions implement transaction monitoring systems capable of supporting multiple risk scenarios.

These systems should use configurable filtration rules and customer segmentation techniques to effectively detect suspicious behavior. Institutions are also required to conduct regular stress testing and system validation exercises to minimise false positives.

In addition, there must be real-time access to Customer Due Diligence (CDD), Know Your Customer (KYC), and Know Your Customer’s Business (KYB) data, with banks required to automate customer onboarding processes with real-time identification and verification in line with existing AML/CFT/CPF regulations.

This includes integration with Bank Verification Number (BVN) and National Identification Number (NIN) databases to ensure instant verification, a part of the draft, available for download on the official website of the CBN, stated.

All stakeholders have been encouraged to review and provide feedback to shape the final version of the standards, the circular with reference number BSD/DIR/CON/AML/018/033 disclosed.

By Modupe Gbadeyanka

The Nigeria Customs Service (NCS) and Stanbic IBTC Bank have agreed to collaborate to streamline the adoption of newly launched unified customs management system, B’Odogwu.

This system was introduced by the customs to make import and export processes in the country without hassle.

To keep its corporate clients abreast with the new platform, Stanbic IBTC Bank organised a two-day interactive workshop, with nearly 100 key trade clients in attendance, receiving hands-on guidance from the agency’s B’Odogwu project team.

Participants gained in-depth understanding of the platform’s functionality; received step-by-step guidance on processing trade documents; and had their specific questions addressed by the system developers.

The workshop targeted common challenges experienced by users since the platform’s launch, including navigation struggles, documentation requirements, and submission processes.

Through this workshop, businesses are expected to significantly improve their experiences with the B’Odogwu platform, reduce processing delays, and carry out more efficient trade operations by implementing the knowledge and skills gained.

The B’Odogwu Project Manager for Port and Terminal Multi-Services Limited (PTML) Command of the NCS, Mr Oyindamola Abass Oladepo, who is an The Assistant Comptroller, emphasised that the B’Odogwu digital platform is a comprehensive, end-to-end solution designed to place traders at the centre of various electronic processes.

“This platform facilitates the electronic generation of e-Form M; the electronic processing of Pre-Arrival Assessment Report (PAAR); the submission of electronic manifests; the lodgment of electronic import or export documents; the electronic payment of fees; and the self-assessment of declarations by declarants.

“The objective of the sensitisation workshop is to highlight the crucial role allocated to traders in self-generating their respective Form M and PAAR on the B’odogwu digital platform,” he stated.

Also, the Head of Trade, Transaction Banking at Stanbic IBTC Bank, Seun Ogundolapo, said, “The transition to the new B’Odogwu platform has posed unexpected challenges for many businesses across Nigeria.

“As a trusted financial partner, we recognised the urgent need to address this and provide practical solutions.

“By organising a hands-on workshop that brought together our clients and the customs technical team, we have established a direct channel for addressing concerns and facilitating the adoption of this essential new system.”

The initiative reinforces Stanbic IBTC Bank’s position as a leading financial institution facilitating seamless trade operations for Nigerian businesses.

By proactively identifying and addressing this critical need, the lender has demonstrated its deep understanding of client challenges and commitment to providing value beyond traditional banking services.

By Modupe Gbadeyanka

The 2025 Home Loan Breakfast Session organised by Stanbic IBTC Bank will take place on Tuesday, June 3 in Lagos and later in the year in Abuja.

The event, according to a statement, is themed Building Tomorrow Today: Transforming the Path to Homeownership and will allow in-person and virtual participation.

The summit will feature expert insights into real estate investment, financing options, and emerging market trends.

Discussions will also cover protecting wealth through insurance and creating a legacy and passing on wealth across generations through wills and trusts, all catered to by the Stanbic IBTC Group.

By bringing together financial strategists, real estate professionals, and forward-thinking Nigerians, the summit promises to be a pivotal gathering for aspiring homeowners, real estate investors, and financial enthusiasts.

The programme will empower individuals to turn their property ambitions into tangible, long-term wealth.

“As access to affordable housing remains a pressing issue, our Home Loan solution offers hope. With competitive interest rates, flexible equity contribution, and personalised guidance, our bank aims to bridge the gap and make homeownership attainable for our stakeholders,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.

Already, registration for the 2025 Home Loan Breakfast Session has commenced via www.stanbicibtcbank.com, with Nigerians advised not to miss this opportunity to connect, learn, and unlock new possibilities.

This year’s edition is coming based on the success of the inaugural summit. It is part of Stanbic IBTC Bank’s commitment to empowering individuals, families, and business owners with the means to own their dream homes and properties by providing and enlightening customers about its home loan solutions, benefits and flexible repayment options.