What does CBN require for AML compliance by 2026?

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.

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

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.

What is AI Shield Nexus?

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.

How does AML transaction monitoring work for Nigerian banks?

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.

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

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.

What KYC requirements must Nigerian banks meet in 2026?

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.

How does AI Shield Nexus help with CBN audit preparation?

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.

What is the pricing for AI Shield Nexus?

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.

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

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.

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

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.

What is AI Shield Nexus?

AI Shield Nexus manages 5 data types including security events. Helps you organize, track, and share your work in 1 place for teams and solo users.

Buyer GuideApril 27, 2026

Identity Verification Tools in Nigeria: Comparison for Banks & Fintechs

Direct Answer

Identity verification tools like Dojah, Smile Identity, and Prembly solve the KYC/onboarding layer of compliance. They cannot satisfy CBN AML requirements for transaction monitoring, STR filing, sanctions rescreening, or goAML reporting. Nigerian banks need both an identity verification platform AND a full AML compliance platform, they are different tools for different regulatory obligations.

Nigeria has a growing ecosystem of identity verification platforms. For compliance officers choosing tools, it is critical to understand exactly what each platform covers, and critically, what it does not. This guide compares the leading options against the full CBN AML compliance requirement.

What CBN AML Compliance Actually Requires

Before comparing tools, understand what the CBN actually requires under the AML/CFT/CPF Regulations 2022:

Identity (KYC)

•Customer identification, BVN, NIN
•Beneficial ownership verification
•PEP check at onboarding
•Risk classification

Transaction Monitoring (AML)

•Automated monitoring, all channels
•AI-based anomaly detection
•Alert management workflow
•Case investigation records

Regulatory Reporting

•STR via goAML within 24 hours
•CTR for ₦5M+ transactions
•SAR workflow
•5-year record retention

Ongoing Screening

•Daily sanctions list rescreening
•Adverse media monitoring
•PEP status change monitoring

Platform Comparison

Dojah

Identity API Platform

KYC Only

STRENGTHS

✓BVN, NIN, passport, driver's licence verification
✓Facial recognition and liveness detection
✓Bank account verification
✓Developer-friendly API integration

CBN AML GAPS

✗No transaction monitoring
✗No STR/CTR filing capability
✗No goAML integration
✗No sanctions list management
✗No case management for investigations

Verdict: Strong KYC/identity layer for onboarding. Covers the identity verification component of Tier 2/3 CBN KYC. Cannot satisfy AML monitoring or reporting obligations.

Smile Identity

Biometric KYC Platform

KYC Only

STRENGTHS

✓Multi-country identity document verification
✓Selfie/liveness verification
✓BVN, NIN, voter's card verification
✓Strong pan-African coverage

CBN AML GAPS

✗No transaction monitoring or AML rules engine
✗No STR workflow or goAML integration
✗No ongoing PEP/sanctions rescreening
✗No regulatory reporting infrastructure

Verdict: Excellent biometric and document verification for onboarding KYC. Addresses identity, not the broader AML compliance programme.

Prembly (formerly Identitypass)

Identity & Compliance API

KYC + Basic Screening

STRENGTHS

✓BVN/NIN/TIN verification APIs
✓Business registration checks (CAC)
✓AML name screening (basic)
✓Global sanctions list checks

CBN AML GAPS

✗Basic AML screening, not full transaction monitoring
✗No automated STR filing workflow
✗No goAML integration for Nigeria
✗No case management or investigation workflows

Verdict: Broader than pure identity, adds basic AML name screening. Still lacks real-time transaction monitoring, STR filing, and the operational AML toolset required by CBN.

VerifyMe Nigeria

Identity Verification Platform

KYC Only

STRENGTHS

✓Nigeria-focused identity database integration
✓BVN, NIN, voter's card checks
✓Address verification
✓Established local presence

CBN AML GAPS

✗No transaction monitoring capability
✗No STR/CTR filing workflow
✗No goAML integration
✗No AI risk scoring

Verdict: Strong local identity verification layer. Covers onboarding KYC requirements. Does not address the transaction monitoring or reporting requirements of the CBN AML programme.

AI Shield Nexus

Full AML Compliance Platform

Full AML Compliance

STRENGTHS

✓Automated transaction monitoring (all channels)
✓AI-powered anomaly detection and risk scoring
✓goAML-integrated STR/CTR filing
✓PEP, sanctions & adverse media screening (continuous)
✓Case management & investigation workflows
✓CBN-examination-ready reporting and audit trails
✓Customer 360° risk profiling
✓Integrates with existing KYC/identity layers

CBN AML GAPS

✗Not a standalone identity verification API, requires integration with KYC provider for biometric onboarding

Verdict: Complete CBN AML compliance platform. Covers all dimensions the CBN examines: governance, transaction monitoring, KYC/CDD integration, regulatory reporting, and technology infrastructure.

The Right Architecture: KYC + AML Together

The most compliance-effective approach is to use identity verification tools and AML platforms together, each doing what it is built for:

Dojah /
Smile Identity

Identity Verification

Onboarding KYC

AI Shield
Nexus

AML Compliance Platform

Monitoring + Reporting

Full CBN
AML Compliance

Examination-Ready

Complete your CBN AML programme beyond identity verification

AI Shield Nexus integrates with your existing KYC/identity layer and provides automated transaction monitoring, goAML STR filing, sanctions rescreening, and everything else CBN examiners test.

Book a Free Demo Get a Compliance Assessment

Frequently Asked Questions

What is the best identity verification tool for Nigerian banks?

The best approach is combining a strong identity verification platform (Dojah, Smile Identity, or Prembly) with a full AML compliance platform (AI Shield Nexus). Identity tools cover onboarding KYC; AML platforms cover transaction monitoring, STR filing, and ongoing compliance.

Does Dojah satisfy CBN AML compliance requirements?

Dojah satisfies the identity verification component of KYC compliance. It does not provide transaction monitoring, STR filing via goAML, sanctions rescreening, or case management, all of which are required by the CBN AML/CFT Regulations.

Do fintechs in Nigeria need AML software beyond KYC checks?

Yes. CBN-licensed fintechs, PSBs, and mobile money operators face the same AML monitoring and reporting obligations as commercial banks. BVN/NIN checks alone do not satisfy these requirements.

Identity Verification Tools in Nigeria: Comparison for Banks & Fintechs

What CBN AML Compliance Actually Requires

Platform Comparison

Dojah

Smile Identity

Prembly (formerly Identitypass)

VerifyMe Nigeria

AI Shield Nexus

The Right Architecture: KYC + AML Together

Complete your CBN AML programme beyond identity verification

Frequently Asked Questions

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