Regulatory Alerts2023-05-19
2023 Nfiu Guidelines On Str Filing
The Nigerian Financial Intelligence Unit (NFIU) has released a guidance note to assist reporting institutions in preparing and filing complete Suspicious Transaction/Activity Reports (STR/SARs) electronically. This guidance aims to improve the quality of STRs/SARs, which are crucial for identifying and combating money laundering, terrorist financing, and other financial crimes. The NFIU emphasizes the importance of providing clear, concise, and coherent narratives in STR/SARs, including all essential elements of information (Who, What, When, Where, Why, and How) to aid law enforcement agencies in their investigations. Financial institutions and designated non-financial businesses and professions (DNFBPs) are required to file STRs/SARs promptly, and failure to comply with the guidelines may result in sanctions.