What is NFIU?
The Nigerian Financial Intelligence Unit (NFIU) is Nigeria’s central financial intelligence agency, established under the Money Laundering (Prohibition) Act. Financial institutions licensed to operate in Nigeria are legally required to file reports with the NFIU on certain transactions and activities. The NFIU receives these reports, analyses them for patterns of money laundering and terrorism financing, and shares intelligence with law enforcement agencies. It is a member of the Egmont Group, which facilitates cross-border financial intelligence exchange. Failure to file required reports, or filing them late, can result in regulatory penalties from the CBN, licence suspension, or referral to the EFCC.Types of NFIU Reports
| Report | Full Name | When it’s required |
|---|---|---|
| CTR | Currency Transaction Report | Any cash deposit or withdrawal of ₦5,000,000 or more in a single transaction |
| FTR | Foreign Transaction Report | Any international transfer (inbound or outbound) regardless of amount |
| STR | Suspicious Transaction Report | Any transaction that raises suspicion of money laundering or terrorism financing, regardless of amount |
| SAR | Suspicious Activity Report | Suspicious customer behaviour, account activity, or patterns not tied to a specific transaction |
Filing Deadlines
Timely filing is a regulatory requirement. The NFIU expects reports to be submitted within these timeframes:| Report | Filing Deadline |
|---|---|
| CTR | Within 7 days of the transaction date |
| FTR | Within 7 days of the transaction date |
| STR | As soon as possible. Delays in filing suspicious transaction reports are themselves a compliance risk. |
| SAR | As soon as possible after identifying the suspicious activity |
CTR: Currency Transaction Report
A CTR is required for every cash transaction (deposit or withdrawal) of ₦5,000,000 or more. This threshold applies per transaction, not per day. Multiple transactions structured to stay below the threshold (structuring) are themselves a suspicious activity indicator. The CTR must include full details of the customer, the transaction, and the reporting institution.FTR: Foreign Transaction Report
An FTR is required for every international transfer processed by your institution, incoming or outgoing, regardless of amount. This covers SWIFT transfers, foreign currency payments, and cross-border remittances.STR: Suspicious Transaction Report
An STR is filed when a transaction raises reasonable grounds for suspicion, even if it does not meet a monetary threshold. Common indicators include:- Transactions inconsistent with a customer’s known profile or business nature
- Unusual urgency, reluctance to provide documentation, or evasive behaviour
- Transactions structured just below reporting thresholds (structuring)
- Counterparties in high-risk jurisdictions
SAR: Suspicious Activity Report
A SAR covers suspicious behaviour that may not involve a specific transaction, for example irregularities during account opening, unusual account activity patterns, or concerns raised by staff about a customer’s conduct. It is the most detailed NFIU report and requires documenting the parties involved, the investigation undertaken, and the indicators observed.How to Generate NFIU Reports
Both transaction-based reports (CTR, FTR, STR) and activity reports (SAR) are created from the same location in Sigma: Reporting → All Reports → Generate Report From there, choose:- CTR, FTR, or STR for transaction-based reporting
- SAR for suspicious activity reporting
Transaction Reports (CTR, FTR, STR)
File reports for large cash transactions, foreign transfers, and suspicious
transactions.
Suspicious Activity Reports (SAR)
Report suspicious customer behaviour and activity patterns.