Short Description: Nigeria leads the development of a crucial global AML standard. The new ISO framework could transform international financial crime compliance by 2027.
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In a significant move for global finance, Nigeria is spearheading the creation of a new international Anti-Money Laundering (AML) standard through the International Organization for Standardization (ISO). The Standards Organization of Nigeria (SON), under Director General Dr. Ifeanyi Okeke, is leading a working group to develop ISO/NWIP 37013—a structured management system for AML compliance. This global standard, targeted for publication in October 2027, aims to provide organizations worldwide with an auditable framework to embed robust AML controls directly into their governance and risk management structures, complementing existing regulatory demands.
The push for this new ISO fraud control management system is driven by an alarming surge in financial crime. Nigerian officials revealed that reported fraud cases skyrocketed by 350% between 2022 and 2024. This trend underscores a global need for practical tools beyond simple regulatory checklists. The new standard seeks to offer a scalable and systematic approach for organizations of all sizes—from large corporations to small businesses—to prevent, detect, and respond to money laundering and fraud risks. It will function alongside frameworks from bodies like the Financial Action Task Force (FATF) but focuses on implementable organizational processes.
Nigeria’s leadership in the ISO Technical Committee 309 highlights its growing influence in global governance standards. This initiative is part of a broader commitment to strengthen institutional integrity and combat illicit financial flows that fuel corruption and organized crime. The stakeholder forum, which included key agencies like the EFCC and Central Bank of Nigeria (CBN), emphasized that adoption of such standards will be tailored to an organization’s specific size and risk profile, promoting private sector compliance and stronger internal controls across all sectors.
Short Summary: Nigeria is at the forefront of developing ISO 37013, a new global AML management system standard set for 2027. This initiative responds to a dramatic rise in fraud and aims to provide organizations with a scalable, auditable framework to strengthen institutional integrity and internal controls, moving global financial crime prevention toward more systematic, private sector compliance.
