What is STR and CTR Reporting in Nigeria? A Guide for Banks
STR and CTR reporting are two of the most fundamental AML obligations for Nigerian banks. This guide explains what each report is, when to file, the difference between them, and how to meet CBN/NFIU requirements.
What is STR and CTR reporting?
STR (Suspicious Transaction Report) and CTR (Currency Transaction Report) are mandatory regulatory filings that Nigerian banks must submit to the NFIU. An STR is filed when suspicious activity is detected, regardless of amount. A CTR is filed automatically when a cash transaction exceeds defined monetary thresholds. Both reports are submitted via the goAML platform.
STR vs CTR: side-by-side comparison
| Criteria | STR | CTR |
|---|---|---|
| Full name | Suspicious Transaction Report | Currency Transaction Report |
| Filing trigger | Suspicion of financial crime | Cash transaction above threshold |
| Amount threshold | No minimum, based on suspicion | ₦5M (individual) / ₦10M (corporate) |
| Filing deadline | Within 24 hours | Periodic (per regulatory schedule) |
| Submitted to | NFIU via goAML | NFIU via goAML |
| Tipping off allowed? | No, criminal offence | N/A |
| Transaction type | Any transaction type | Cash transactions only |
What is an STR? (In depth)
A Suspicious Transaction Report is triggered whenever a bank employee or automated system has reasonable grounds to suspect that a transaction, or attempted transaction, may be connected to money laundering, terrorist financing, or proceeds of crime. Crucially, there is no minimum amount. A ₦5,000 transfer can require an STR if the circumstances are suspicious enough.
Common STR triggers:
- Transactions inconsistent with customer's business profile or risk tier
- Structuring, breaking large sums into smaller transactions to avoid reporting thresholds
- PEP, sanctioned, or watchlisted party involvement
- Unusual transaction patterns with no clear economic purpose
- Customer reluctance to provide KYC documentation
- Multiple rapid transfers to high-risk jurisdictions
⚠ Tipping Off Warning
It is a criminal offence under the Money Laundering (Prevention and Prohibition) Act 2022 to tip off a customer or third party that an STR has been filed or is being considered.
What is a CTR? (In depth)
A Currency Transaction Report is a threshold-based report required for large cash transactions. Unlike an STR, a CTR does not require suspicion, it is mandatory purely based on the transaction value crossing the prescribed threshold.
Individual threshold
₦5,000,000
Any single cash transaction at or above this amount requires a CTR
Corporate threshold
₦10,000,000
Any single cash transaction at or above this amount requires a CTR
How STRs and CTRs are submitted in Nigeria
All STRs and CTRs in Nigeria are submitted exclusively through the NFIU's goAML platform. Banks can file manually via the web portal or automate submissions via goAML's API. See: What is goAML and how it works in Nigeria.
Automate STR and CTR filing at your bank
AI Shield Nexus generates pre-populated STR and CTR drafts from transaction monitoring alerts, with direct goAML integration and complete audit trail documentation.
Frequently asked questions
What is an STR in Nigeria?
An STR is a mandatory NFIU report filed within 24 hours whenever a Nigerian bank suspects a transaction may be connected to money laundering, terrorist financing, or other financial crime. No minimum amount applies.
What is a CTR in Nigeria?
A CTR is a mandatory report for cash transactions ≥ ₦5 million (individuals) or ₦10 million (corporates), submitted to the NFIU via goAML regardless of whether the transaction is suspicious.
What is the difference between an STR and a CTR?
An STR is triggered by suspicion of financial crime (no minimum amount). A CTR is triggered by a cash transaction exceeding defined thresholds regardless of suspicion.
What happens if a Nigerian bank misses an STR filing?
Late or missed STR filings are a regulatory breach. The CBN can impose fines, sanctions, and enhanced supervisory measures. Deliberate failures may trigger criminal liability.
What is STR in Nigeria?
STR stands for Suspicious Transaction Report, a mandatory AML report Nigerian banks file with the NFIU when they detect suspected financial crime activity.