AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Once registered, a SCUML business must report cash or transfer transactions above ₦5,000,000 for an individual or ₦10,000,000 for a company within 7 days, record and report occasional cash transactions above $1,000 or its equivalent, and file suspicious transaction reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) promptly. These thresholds and deadlines come from SCUML's 2026 AML/CFT compliance checklist, which also lists a penalty of ₦100,000 for each unreported threshold transaction.
Registration is the start of supervision
Many businesses treat the SCUML certificate as a document to hand the bank and forget. SCUML's own compliance checklist, published alongside its service level agreement in 2026, shows that registration brings ongoing duties: identify your customers, keep records, screen sanctions lists, appoint a compliance officer and, above all, report certain transactions. This article covers the reporting part. It is information drawn from SCUML's checklist, not legal advice; the governing law is the Money Laundering (Prohibition and Prevention) Act 2022.
The thresholds that trigger a report
| Report | When it applies (SCUML checklist, 2026) | Deadline | Listed penalty |
|---|---|---|---|
| Threshold transaction report | Transfers above ₦5,000,000 (individual client) or ₦10,000,000 (corporate client) | Within 7 days of the transaction | ₦100,000 per unreported transaction |
| Occasional cash transaction | Cash transactions above $1,000 or equivalent, recorded and reported to SCUML | Not stated in the checklist | ₦50,000 per unreported transaction |
| Suspicious transaction report (STR) | Any activity you suspect may be linked to crime, regardless of amount | Promptly, to the NFIU | ₦2,000,000 (professionals) or ₦1,000,000 (other businesses) |
Separately, the checklist asks whether client payments above ₦5,000,000 (individual) or ₦10,000,000 (corporate) are made through financial institutions rather than in cash. Accepting such sums in cash carries a listed penalty of ₦4,000,000 for professionals and ₦2,000,000 for other businesses, and the checklist mentions prosecution in aggravated cases.
Worked example
Example only. A car dealer sells a vehicle for ₦18,500,000 to a limited company, paid by bank transfer on 3 March. The buyer is corporate, so the ₦10,000,000 threshold applies and is exceeded; the dealer files a threshold report by 10 March (7 days). The following week a private individual buys a car for ₦4,800,000. That is below the ₦5,000,000 individual threshold, so no threshold report is needed, but if the buyer insisted on splitting payment across several people's accounts with no clear reason, the dealer should consider an STR. Missing the first report would expose the dealer to the listed ₦100,000 penalty.
Suspicious transaction reports
An STR has no minimum amount. It is triggered by what you notice, for example a customer who refuses to identify themselves, pays through unrelated third parties, buys and immediately returns goods for a refund to a different account, or structures payments to stay just under a threshold. SCUML's checklist asks whether STRs "are filed promptly with NFIU when suspicious activity is detected". Do not tell the customer you are filing a report.
How reports are submitted
STRs go to the NFIU, which runs Nigeria's financial intelligence reporting system. Many compliance professionals know this system as goAML, but SCUML's checklist does not name the platform, and we could not open the NFIU's current reporting guidance. Before your first report:
- Ask SCUML (helpdeskscuml@efcc.gov.ng) which channel your business should use for threshold reports and how to obtain reporting credentials.
- Ask the NFIU how a SCUML-registered business enrols to file STRs.
- Name your compliance officer as the person who files, as the checklist expects a designated officer.
- Keep a copy of every report and acknowledgement with the transaction records, which the checklist says must be kept for at least five years.
Building a simple reporting routine
Small firms rarely miss reports because they disagree with the rule; they miss them because no one is watching the calendar. A short weekly routine is enough for most:
- Every Monday, the compliance officer lists last week's receipts and payouts above ₦5,000,000 from individuals and ₦10,000,000 from companies.
- Each item on the list gets a report drafted the same day, which leaves a margin inside the 7-day deadline.
- Any cash receipt above $1,000 or its naira equivalent is logged with the customer's ID.
- Anything that felt wrong to staff during the week is written down and reviewed for an STR.
- The officer signs and dates the weekly sheet and files it with the transaction records.
The supporting duties that make reporting possible
- Customer identification before any transaction, with copies of IDs kept and verified.
- Sanctions screening against the UN consolidated list and the Nigeria Sanctions List, and monitoring the Nigeria Sanctions Committee alert system.
- Beneficial ownership checks using CAC's register at bor.cac.gov.ng; see PSC disclosure at CAC.
- Politically exposed persons identified and handled with extra care.
- Staff training and a written AML/CFT policy reviewed every three years.
If you have not registered yet, start with how to apply for SCUML.
Where Pryme fits
Payments through a Pryme Business Account leave a record you can pull into your files, and the Compliance agent can prepare a list of transactions above the ₦5,000,000 and ₦10,000,000 thresholds for your officer to review. It prepares; your compliance officer decides what to report and files it. For records you share outside the business, verifiable statements from VerifyDoc.ai let a recipient confirm a statement is genuine.
Questions people ask
What is the SCUML reporting threshold for cash?
SCUML's 2026 checklist sets ₦5,000,000 for individuals and ₦10,000,000 for companies, reported within 7 days, and asks that occasional cash above $1,000 be recorded and reported.
Who do I send a suspicious transaction report to?
The Nigerian Financial Intelligence Unit (NFIU). Ask SCUML or the NFIU how your business enrols on the reporting system.
What happens if I don't file a SCUML report?
SCUML's checklist lists ₦100,000 for each unreported threshold transaction and up to ₦2,000,000 for failing to file STRs, with prosecution possible in aggravated cases.
Do I report a transaction below ₦5 million?
Not as a threshold report, but if it looks suspicious, file an STR regardless of amount.
Sources
- SCUML Service Level Agreement and AML/CFT compliance checklist (SCUML-EFCC, 2026) · accessed Oct 2026
- SCUML Registration Guideline (SCUML-EFCC, 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.