Regulatory Alerts2019-09-01
Guidance to Reporting Institutions on Preparing a Complete Suspicious Transaction/Activity Report and Filing Electronically to the NFIU
Issued by the Nigeria Financial Intelligence Unit (NFIU) in December 2014, this guidance mandates reporting institutions to prepare complete and timely Suspicious Transaction/Activity Reports (STRs/SARs) by structuring narratives around the five W's and one H. It outlines standardized internal investigation procedures, specifies electronic filing methods via the Web Report portal or XML upload to the goAML system, and details required attachments like converted account statements. Non-compliant or incomplete filings face rejection by the NFIU and potential regulatory sanctions, while compliant institutions receive periodic feedback on investigation outcomes and prosecutions.
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