This study investigates the impact of anti-money laundering counter financing of terrorism Act (AMLCFT) 2013 on deposit mobilization of Nigerian banks. Data was extracted from the yearly reports and an account of the listed banks for the period of 2010–2022. Data generated were inferentially tested using multiple regression. The result of the analysis showed that AMLCFT, bank size and cost of funds and effective interest rate have significant influence on deposit growth of listed deposit money banks in Nigeria, while inflation has no significant influence on deposit growth. Consequently, it was suggested by the study that deposit money banks in Nigeria should take a precautionary measure to identify other diverse means through which it can increase both deposit growth and bank size without facilitating money laundering and terrorism among others. It was also recommended that deposit money banks should perform their best towards taking every precautionary measure that will prevent or reduce the negative effects of money laundering that can result into an inflationary economy thereby distorting the smooth running and stability of not only the deposit money banks but the Nigerian economy at large.