NigeriaCentral Bank of Nigeria (Customer Due Diligence) Regulations 2023, monitoring of internet-based business and computerized monitoring systems
archived copy
Read from a public archive copy, not the publisher directly. The publisher does not serve this page to automated readers, so a direct fetch was not an option here; how we access sources. Archived 2026. Publisher's page: https://www.cbn.gov.ng/Out/2023/FPRD/CBN%20Customer%20Due%20diligence%20Reg.%202023-combined.pdfIn force since .
An AI sector rules rule binding private bodies.
- Private right of action
- No
- Instrument type
- a regulation made under an act
- Obligation class
- Governance
As of .
What it requires
- It reaches you if you are a financial institution under the regulatory purview of the Central Bank of Nigeria (regulation 3).
- Conduct regular monitoring of internet-based business or customers (regulation 35(f)).
- Where a significant proportion of your business is operated electronically, put in place computerized monitoring systems or solutions designed to recognize unusual transactions and related patterns of transactions, so as to recognize suspicious transactions (regulation 35(f)).
These lines are LexLint's reading of the law's text, as of .
Who enforces it
Enforcement body
The Central Bank of Nigeria, which made the Regulations and is to enforce compliance with them
What this law does
The Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023 apply to all financial institutions under the regulatory purview of the Central Bank of Nigeria. A financial institution must conduct regular monitoring of internet-based business or customers.
Where a significant proportion of a financial institution's business is operated electronically, computerized monitoring systems or solutions designed to recognize unusual transactions and related patterns of transactions must be put in place to recognize suspicious transactions. The administrative sanctions and penalties for non-compliance with the Regulations are those specified in the Banks and Other Financial Institutions Act, 2020 and in the Schedule to the Regulations.
The Regulations were made at Abuja on . Under section 2(2)(b) of the Interpretation Act, an enactment for which no other provision is made as to its commencement comes into force, in any case other than an Act of the National Assembly, on the day when the enactment is made. The Interpretation Act defines an enactment to include a provision of a subsidiary instrument, and a subsidiary instrument to include regulations made in exercise of powers conferred by an Act.
When LexLint raises it
When your app profile says your app provides financial services.