Regulatory Alerts2024-12-16
Added · Updated
Guidelines for the Identification, Verification and Reporting of Suspicious Transactions Related to Money Laundering, Financing of Terrorism and Proliferation of Weapons of Mass Destruction (ML/TF/PF) for Financial Institutions
The Nigerian Financial Intelligence Unit mandates that financial institutions file Suspicious Transaction Reports within 24 hours of forming a suspicion, with the internal investigation process required to be completed no later than 72 hours. Reporting entities must ensure STRs include detailed narratives linking facts and context to predicate offences, supported by specific customer identification documents, transaction records, and evidence of remedial actions. The guidelines establish minimum requirements for identifying suspicious activity, minimizing false positives, and maintaining high-quality reporting standards to comply with the Money Laundering (Prevention and Prohibition) Act, 2022 and the Terrorism (Prevention and Prohibition) Act, 2022.