Why Your Bank May Ask You to Explain a Large Transfer

When a large or unusual payment enters your account, your bank may ask for the source of the funds. This is not automatically an accusation of wrongdoing. Nigerian banks are required to monitor transactions and carry out customer checks to help prevent money laundering and other financial crimes. A transfer may attract attention if it does not match your usual account activity. Examples include a large one-off payment, repeated cash deposits, international transfers or money linked to a business you have not previously disclosed. The bank may ask for documents such as payslips, invoices, contracts, loan agreements or proof of a property sale. Respond only through verified bank channels and provide truthful information. Do not ignore the request or submit false documents. Keep copies of records that show where your money came from, and use the bank’s formal complaint process if you believe a restriction on your account is unfair.

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