Question 1

What does CBN require for AML compliance by 2026?

Accepted Answer

The Central Bank of Nigeria (CBN) issued Baseline Standards for Automated AML Solutions in March 2026, giving all banks and financial institutions 18 months to deploy AI-powered transaction monitoring, automated STR/CTR filing via goAML, real-time KYC verification, and risk-based customer due diligence systems. AI Shield Nexus delivers all of these requirements out of the box.

Question 2

How long does STR filing take to automate with AI Shield Nexus?

Accepted Answer

AI Shield Nexus automates Suspicious Transaction Report (STR) filing to the NFIU/goAML portal within minutes of a risk trigger. The AI detects suspicious activity, generates a draft narrative, and routes it for compliance officer review — reducing manual filing time from hours to under 10 minutes per report.

Question 3

What is AI Shield Nexus?

Accepted Answer

AI Shield Nexus is Nigeria's leading AI-powered CBN compliance and fraud intelligence platform for banks, microfinance institutions, and VASPs. It combines real-time AML transaction monitoring, automated KYC/CDD, STR/CTR filing, fraud detection, and SIEM-grade security event intelligence in a single platform built for Nigerian regulatory requirements.

Question 4

How does AML transaction monitoring work for Nigerian banks?

Accepted Answer

AML transaction monitoring analyses every transaction against configurable rule sets aligned to CBN AML/CFT standards. AI Shield Nexus screens for velocity anomalies, structuring, layering, sanctions exposure, and PEP connections in real time across NIP, NIBSS, USSD, mobile, internet banking, and ATM channels, generating risk scores and automated alerts for compliance review.

Question 5

Does AI Shield Nexus support FATF Travel Rule compliance for VASPs?

Accepted Answer

Yes. AI Shield Nexus includes a dedicated FATF Travel Rule Operations module for Virtual Asset Service Providers (VASPs) operating in Nigeria under SEC and CBN oversight. It captures originator and beneficiary information for transfers above the USD 1,000 threshold, screens counterparty VASPs, flags unhosted wallets, and maintains a full audit trail of all Travel Rule transmissions.

Question 6

What KYC requirements must Nigerian banks meet in 2026?

Accepted Answer

Nigerian banks must conduct BVN verification, NIN validation, liveness checks, and risk-based CDD on all customers per CBN KYC directives. Enhanced Due Diligence (EDD) is required for PEPs, high-risk businesses, and customers from high-risk jurisdictions. AI Shield Nexus automates BVN/NIN lookup, CDD scoring, EDD triggers, and KYC refresh cycles with full documentation for CBN audits.

Question 7

How does AI Shield Nexus help with CBN audit preparation?

Accepted Answer

AI Shield Nexus maintains a complete, tamper-proof audit trail of every compliance action — transaction screenings, KYC decisions, STR filings, system accesses, and policy changes. Compliance officers can generate CBN-ready audit reports in minutes, export regulatory returns in the required formats, and demonstrate end-to-end compliance coverage to examiners.

Question 8

What is the pricing for AI Shield Nexus?

Accepted Answer

AI Shield Nexus offers three tiers: Essentials (core AML/KYC compliance for smaller institutions), Professional (full-stack compliance with fraud intelligence and SIEM), and Enterprise (custom deployment with on-premise options). Pricing is tailored to institution size, transaction volume, and deployment model. Contact us at enquiries@mtcglobalservices.com for a custom quote.

Question 9

Can AI Shield Nexus be deployed on-premise for Nigerian banks?

Accepted Answer

Yes. AI Shield Nexus supports cloud, hybrid, and full on-premise deployment options to meet the CBN's data residency and localisation requirements. The on-premise build includes a phased implementation approach with dedicated support for integration with core banking systems (Finacle, Flexcube, Temenos), NIBSS, and the CBN regulatory reporting infrastructure.

Question 10

How does fraud detection work in AI Shield Nexus for Nigerian banks?

Accepted Answer

AI Shield Nexus uses a multi-layer fraud detection engine combining rule-based detection, machine learning behavioural models, and real-time graph analysis. It identifies account takeover, identity fraud, SIM swap, NIP fraud, settlement manipulation, and insider collusion across all banking channels. Fraud cases are automatically triaged, enriched with AI analysis, and routed to analysts with recommended actions.

AI in Compliance

AI in Banking Compliance: How Nigerian Banks Are Using AI to Fight Fraud

Related Topics

Stay ahead of the curve