Financial Crime World

Nigerian Financial Intelligence Unit (NFIU) Guidelines for Filing Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs)

Introduction

The Nigerian Financial Intelligence Unit (NFIU) has established guidelines for reporting institutions to file Suspicious Transaction Reports (STRs) or Suspicious Activity Reports (SARs). These guidelines aim to facilitate effective reporting of suspicious transactions or activities, promoting a robust anti-money laundering (AML) framework in Nigeria.

Filing Requirements

Reporting institutions must file STRs/SARs electronically using one of the following methods:

Content Requirements

A STR/SAR must include the following information:

  • A clear and concise narrative explaining the suspicious transaction or activity
  • Relevant information about the parties involved (individuals and businesses)
  • Specific details on transactions, including sender and beneficiary information
  • An explanation of observed relationships among transactors
  • Details on cash transactions
  • Any factual observations or incriminating statements made by the suspect

Internal Investigation

Reporting institutions must conduct an internal investigation before filing the STR/SAR.

Filing to NFIU

All necessary documents, including a summary of the internal investigation report and account statements in Excel format, must be attached to the STR/SAR.

Feedback

The NFIU will provide periodic feedback on all STRs/SARs received, analyzed, and disseminated to Law Enforcement agencies.

Penalty for Non-Compliance

Any reporting institution that fails to comply with this guideline shall be appropriately sanctioned by their respective regulators.