Compliance with anti-money laundering regulations intensified across Nigeria’s financial sector in 2025, driven by heightened regulatory oversight from key bodies including the Central Bank of Nigeria, the Securities and Exchange Commission, the National Insurance Commission, and the Special Control Unit Against Money Laundering.
According to the Nigerian Financial Intelligence Unit’s (NFIU) 2025 Annual Report, deposit money banks continued to dominate reporting volumes. Out of 42,082 Suspicious Transaction Reports (STRs) lodged by reporting entities, banks accounted for 38,715 filings, roughly 92 per cent of the total.
They also generated the bulk of Suspicious Activity Reports (SARs), submitting 8,313 of the 10,513 total filings, and generated 37,214,139 of the overall 41,716,214 Currency Transaction Reports (CTRs).
Quarterly performance metrics highlighted a steady upward trajectory in banking disclosures throughout the year:
Suspicious Transaction Reports (STRs) rose sequentially from 9,134 in Q1 to 9,658 in Q2, 9,891 in Q3, and peaked at 10,032 in Q4.
Currency Transaction Reports (CTRs) increased steadily from 7,040,493 in Q1 to 8,197,292 in Q2, 10,885,247 in Q3, and finished at 11,091,107 in Q4.
Activity across other reporting sectors varied:
Other Financial Institutions (OFIs) filed 2,185 STRs (climbing from 451 in Q1 to 719 in Q3, before settling at 583 in Q4) and 1,816 SARs (peaking at 569 in Q3). The sector also submitted 4,212,466 CTRs. Capital Markets & Insurance submitted 104 STRs, 295 SARs, and 289,296 CTRs.
Designated Non-Financial Businesses and Professions (DNFBPs) filed 1,029 STRs, though recorded zero SAR submissions. Virtual Asset Service Providers (VASPs): Showed emerging compliance in the second half of the year. STRs rose from zero in H1 to 17 in Q3 and 32 in Q4 (49 total). VASP CTRs also appeared exclusively in H2, with 103 filings in Q3 and 210 in Q4 (313 total). The sector filed 89 SARs across the entire year (28 in Q1, 12 in Q2, 24 in Q3, and 25 in Q4).
The NFIU noted that under Section 11 of the Money Laundering (Prevention and Prohibition) Act, institutions are required to disclose transactions exceeding ₦5 million for individuals and ₦10 million for corporate entities within seven days. Furthermore, Section 3(1) mandates reporting all international and domestic transfers exceeding $10,000 within a 24-hour window.
The NFIU confirmed the broad scope of its regulatory mandate in its latest release:
“During the review period, the NFIU received a total of 41,716,214 CTRs, 42,082 STRs, and 10,513 SARs.”