Financial crimes threaten integrity, stability, security, safety of countries, enterprise – Aminu Maida  

Rueben Muoka

THE Executive Vice Chairman of the Nigerian Communications Commission, NCC, Aminu Maida, has said that financial crimes threaten the integrity, trustworthiness, stability, security, safety, and future of an entity, country, enterprise and individual.

Delivering a keynote address at the Realnews 11th Anniversary Lecture on Tuesday in Lagos, Maida, who was represented by Rueben Muoka, Director of Public Affairs, NCC warned that “these crimes do not only have a huge economic and social impact but can also be linked to violent crimes that lead to loss of lives”.

According to him, with the increasing adoption of digital technologies, the emergence of new technologies, and the often-transnational nature of these crimes, the scope of financial crimes has broadened and created further concerns.

Speaking on the Role of ICT in Curbing Financial Crimes, Maida stated that robust information and communication technology, ICT, systems are critical for preventing/investigating financial crimes or mitigating the risks associated with virtual assets in financial markets.

He explained that these systems facilitate compliance with established standards or regulations. “They also provide a platform that allows the monitoring, tracing, and analyzing of digital transactions in real-time. ICT systems support secure data storage and encryption technologies, which are critical for safeguarding sensitive financial data.

“Technological advancements have significantly aided crime prevention and law enforcement agency performance. Large datasets have been analyzed using advanced data analytics, artificial intelligence, and machine learning algorithms to look for trends that indicate criminal activity.

“Based on historical data and real-time intelligence, predictive police programs have arisen to foresee and prevent crimes. Digital forensics techniques have also proven useful in criminal investigations,” he said.

According to him, a variety of legacy technologies have been used to combat crime; however, in more recent times, novel computer softwares and hardwares are being utilized to monitor individual transactions and communications for suspicious activity.

“For instance, antimoney laundering, AML, software uses algorithms to detect anomalous patterns in financial transactions that could suggest money laundering or other illegal activity. Law enforcement agencies are increasingly employing communication monitoring softwares to follow and analyze digital communications, such as emails, social media interactions, and instant messaging, in order to discover potential threats or illegal behaviour.

“These technologies improve the ability to detect and prevent illegal digital activity,” he added.


-November 08, 2023 @ 14:05 GMT |