Automatic Reporting

Automatic Reporting:

Automated reporting with Transaction Monitoring

Overview

Automatic reporting uses intelligent rules to monitor your transactions and automatically generate compliance reports when specific conditions are met. This method requires Transaction Monitoring to be enabled and provides a hands-off approach to regulatory compliance.

Prerequisites

Before you begin with automatic reporting, ensure you have:

Active Sigma Account: A registered and verified Sigma account with reporting permissions
Transaction Monitoring Enabled: This is required for automatic reporting to function
- Your transaction data must be flowing through Sigma’s Transaction Monitoring system
- Transaction Monitoring rules must be active and processing your data
AI Auto Reports Enabled: This feature must be activated in Reporting → Preferences for rule-based reporting
Business Profile Setup: Your business profile must be configured with:
- Valid business information and regulatory licenses
- Compliance officer details and contact information
- Regulatory reporting requirements for your jurisdiction
Reporting Configuration: Set up your reporting entities and agents in Reporting → Preferences

Transaction Monitoring and AI Auto Reports Required: Automatic reporting cannot function without both Transaction Monitoring and AI Auto Reports being enabled and properly configured.

Setup Process

1. Verify Transaction Monitoring

Ensure Transaction Monitoring is active and processing your data:

Check that transactions are being monitored
Verify monitoring rules are working correctly
Confirm data flow is consistent

2. Enable AI Auto Reports

Navigate to Reporting → Preferences and enable AI Auto Reports:

Toggle “AI Auto Generate Reports” to active
This enables automated rule-based report generation
Required for intelligent transaction monitoring and automatic reporting rules

3. Configure Reporting Profiles

Ensure you have set up your reporting configuration:

Reporting Entities: Create your organization’s regulatory information
Reporting Agents: Add authorized persons who can file reports
Both are accessible from Reporting → Preferences

4. Set Up Automated Rules

Create intelligent rules that automatically trigger report generation:

Define transaction criteria (amount thresholds, transaction types)
Set report categories (NFIU, CBN, EFCC)
Configure report actions (CTR, FTR, STR)
Test rules with historical data

Rule Categories

NFIU Rules

Rules for Nigerian Financial Intelligence Unit reporting requirements:

Currency Transaction Reports (CTR) for large cash transactions
Foreign Transaction Reports (FTR) for cross-border transfers
Suspicious Transaction Reports (STR) for unusual patterns

CBN Rules

Rules for Central Bank of Nigeria compliance: - Foreign exchange transaction monitoring - Large value payment oversight - Cross-border transfer reporting

EFCC Rules

Rules for Economic and Financial Crimes Commission:

Anti-money laundering detection
Suspicious activity identification
High-risk transaction flagging

Creating Automated Rules

1. Navigate to Rules

Go to Reporting → Rules in your dashboard

2. Create New Rule

Click Create New Rule and configure:

Rule Name: Descriptive name for easy identification
Category: Select NFIU, CBN, or EFCC
Action: Choose CTR, FTR, STR, or SAR
Priority: Set rule priority level

3. Define Conditions

Set up trigger conditions using our rule builder:

{
  "conditions": [
    {
      "field": "amount",
      "operator": "greater_than",
      "value": 5000000
    },
    {
      "field": "transaction_type",
      "operator": "equals",
      "value": "cash_deposit"
    }
  ],
  "logic": "AND"
}

4. Configure Actions

Define what happens when conditions are met:

Auto-generate report: Automatically create the report
Flag for review: Mark transaction for manual review
Send notification: Alert compliance team
Apply tags: Add metadata for tracking

5. Test and Activate

Test your rule with sample data before activation:

Run against historical transactions
Verify expected results
Adjust thresholds if needed
Activate rule for live monitoring

Example Rules

Large Cash Deposit (CTR)

Automatically generate CTR for cash deposits over ₦5,000,000:

{
  "name": "Large Cash Deposit CTR",
  "category": "NFIU",
  "action": "CTR",
  "conditions": [
    {
      "field": "amount",
      "operator": "greater_than",
      "value": 5000000
    },
    {
      "field": "transaction_type",
      "operator": "equals",
      "value": "DEPS"
    },
    {
      "field": "transaction_mode",
      "operator": "in_list",
      "value": ["A", "C"]
    }
  ],
  "logic": "AND"
}

Foreign Transfer (FTR)

Generate FTR for international transfers:

{
  "name": "International Transfer FTR",
  "category": "NFIU",
  "action": "FTR",
  "conditions": [
    {
      "field": "sender_country",
      "operator": "not_equals",
      "value": "NG"
    },
    {
      "field": "receiver_country",
      "operator": "not_equals",
      "value": "NG"
    }
  ],
  "logic": "OR"
}

Suspicious Pattern (STR)

Flag suspicious transaction patterns:

{
  "name": "Round Amount Pattern STR",
  "category": "NFIU",
  "action": "STR",
  "conditions": [
    {
      "field": "amount",
      "operator": "matches_regex",
      "value": "^[0-9]+00000$"
    },
    {
      "field": "frequency_24h",
      "operator": "greater_than",
      "value": 3
    }
  ],
  "logic": "AND"
}

How Automatic Reporting Works

Transaction Monitoring: Your transactions are continuously monitored by Sigma’s AI
Rule Evaluation: Each transaction is checked against your automated reporting rules
Automatic Flagging: Transactions meeting rule criteria are automatically flagged
Report Generation: Reports are automatically created for flagged transactions
Review Workflow: Generated reports enter a review workflow for approval
Regulatory Submission: Approved reports can be submitted to regulatory authorities

Rule Conditions

Available Fields

Transaction Amount: Monetary value thresholds
Transaction Type: Deposit, withdrawal, transfer, etc.
Transaction Mode: In-branch, ATM, electronic, other
Country Codes: Sender/receiver country identification
Institution Codes: Bank and financial institution identifiers
Account Patterns: Account number or routing patterns
Time Ranges: Transaction timing conditions
Frequency: Transaction frequency over time periods

Operators

Comparison: greater_than, less_than, equals, not_equals
Range: between, not_between
Pattern: contains, starts_with, ends_with, matches_regex
List: in_list, not_in_list
Logic: AND, OR, NOT for combining conditions

Rule Management

Monitoring Rule Performance

Rule Triggers: Track how often rules are triggered
False Positives: Monitor and adjust overly sensitive rules
Coverage: Ensure rules cover all required scenarios
Compliance: Verify rules meet regulatory requirements

Best Practices

Start Conservative: Begin with higher thresholds and gradually lower them based on your transaction patterns and regulatory feedback.

Regular Review: Review and update rules quarterly to ensure they remain effective and compliant with changing regulations.

Test Thoroughly: Always test rules with historical data before activation
Document Rules: Maintain clear documentation of rule logic and purpose
Monitor Performance: Regularly review rule effectiveness and adjust as needed
Stay Updated: Keep rules current with regulatory changes
Backup Rules: Maintain backup configurations for critical rules

Monitoring and Maintenance

Once your automated rules are configured and active:

Monitor the Reports section for auto-generated reports
Review flagged transactions regularly
Adjust rule thresholds based on performance
Ensure compliance team reviews and approves reports
Submit approved reports to regulatory authorities

Continuous Monitoring: Automatic reporting provides 24/7 transaction monitoring, ensuring no reportable activities are missed.

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