Banks, fintech operators and other reporting entities submitted 42,082 Suspicious Transaction Reports to the Nigerian Financial Intelligence Unit in 2025, as financial institutions stepped up compliance with anti-money laundering regulations amid tighter regulatory oversight.
The disclosures were contained in the NFIU’s 2025 Annual Report, which also showed that the agency received 41,716,214 Currency Transaction Reports and 10,513 Suspicious Activity Reports during the year.
The report stated, “During the review period, the NFIU received a total of 41,716,214 CTRs, 42,082 STRs, and 10,513 SARs.”
The NFIU explained that it receives threshold-based disclosures, suspicious transaction and activity reports, as well as regulatory submissions on anti-money laundering, counter-terrorism financing and counter-proliferation financing compliance.
It added that it works with the Central Bank of Nigeria, the National Insurance Commission, the Securities and Exchange Commission and the Special Control Unit Against Money Laundering to ensure reporting entities comply with relevant laws.
An analysis of the report showed that Deposit Money Banks remained the largest source of suspicious transaction reports, accounting for 38,715 filings, or about 92 per cent of the industry total.
Other Financial Institutions filed 2,185 STRs, while Designated Non-Financial Businesses and Professions submitted 1,029 reports. Capital market operators and insurance companies filed 104 reports, while Virtual Asset Service Providers, which include cryptocurrency service providers, reported 49 suspicious transactions.
Banks also accounted for the largest share of Suspicious Activity Reports, filing 8,313 of the 10,513 SARs received by the NFIU during the year. Other Financial Institutions submitted 1,816 SARs, capital market and insurance firms filed 295, while VASPs accounted for 89 reports. No Suspicious Activity Report was recorded from the DNFBP sector.
The report showed that financial institutions submitted more than 41.7 million Currency Transaction Reports during the year. Deposit Money Banks accounted for 37,214,139 reports, representing about 89.2 per cent of the total, while Other Financial Institutions filed 4,212,466 reports. Capital market and insurance companies submitted 289,296 reports, while VASPs filed 313 reports.
The NFIU noted that Section 11 of the Money Laundering (Prevention and Prohibition) Act requires financial institutions to report all transactions above N5m for individuals and N10m for legal persons within seven days. It added that Section 3(1) of the Act also requires financial institutions to report all incoming and outgoing transfers above $10,000 within 24 hours.
Quarterly data showed that banks’ suspicious transaction reporting increased steadily throughout the year, rising from 9,134 reports in the first quarter to 9,658 in the second quarter, 9,891 in the third quarter and 10,032 in the fourth quarter.
Credit: Punch
