The Nigerian Communications Commission (NCC) has stated that through enabling real-time surveillance, regulatory compliance, and secure data processing, the proper deployment of information and communication technology (ICT) is crucial in the fight against financial crimes.
In order to address the issue of illegal financial flows in the nation, the commission advocated for interdisciplinary and multi-stakeholder collaborations.
Speaking on Tuesday at the 11th Anniversary Lecture Series of RealNews Magazine in Lagos, Dr. Aminu Maida, the Executive Vice Chairman (EVC) of the Commission, made this statement.
Strong ICT systems are essential for stopping and looking into financial crimes as well as reducing the risks connected with virtual assets in the financial markets, according to Maida, who was also inducted into the RealNews Hall of Fame for his exceptional contribution as the event’s Guest of Honour.
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This is stated in a statement that OBASANJO NEWS24 was given access to, and is signed by Reuben Muoka, Director, Public Affairs of NCC.
“Criminal activities that involve transactions, abuse, misuse, deception, or manipulation of financial systems for personal gain” is how Maida, who was represented by Muoka at the forum, defined financial crimes. According to him, insider misuse, money laundering, financing of terrorism, embezzlement, and various forms of fraud are among the many other offences that fall under this broad category.
He stated that financial crimes endanger the integrity, reliability, stability, security, safety, and future of an organisation, such as a nation, business, or individual, in addition to having a significant negative influence on the economy and society and having a direct correlation with violent crimes that result in fatalities.
In front of an audience that included stakeholders such as the Nigerian Financial Intelligence Unit (NFIU) and representatives of the Independent Corrupt Practises and Other Related Offences Commission (ICPC), Maida explained that the growing use of digital technologies, the emergence of new technologies, and the frequently transnational nature of these crimes have all contributed to the scope of financial crimes expanding and raising new concerns.
According to Nigeria’s top telecom regulator, however, as ICT systems become more sophisticated, so do cybercrime activities. In the same way that criminal actors exploit known vulnerabilities in ICT systems to their advantage and cause harm, the same technology must be set up to track the movement of illicit funds into and out of the nation.
Massive volumes of data are generated everyday as a result of Nigeria’s telecom industry’s rapid growth. The introduction of modern data analytics and artificial intelligence (AI) has made it possible to spot suspicious digital trends that may be signs of criminal activity. Data may be filtered to spot these questionable trends and stop them in their tracks through cooperation with financial institutions. A proactive approach to crime prevention is made possible by these technologies’ real-time transaction monitoring, according to Maida.
The use of technological tools has made dealing with financial crime much easier while developing a long-term strategy for combating it, according to Maida, who also stated that innovative solutions like blockchain, instant payments, artificial intelligence, machine learning, data analytics, regulatory technology solutions, and automated procedures are being deployed to combat financial crimes.
According to Maida, in addition to guaranteeing greater access to telecom services, the Commission has also enabled digital forensics and implemented biometric authentication in telecom services and financial transactions on telecom carriers with strict enforcement of compliance by the licensees. The Computer Security Incident Response Team (CSIRT) is a group of experts in the Commission to handle security incidents that can affect the operations of organisations and individuals.
To effectively combat financial crime, Maida stressed the need for increased collaboration and international cooperation in addition to the importance of public education and understanding of internet safety, both of which are critical in limiting the risks associated with the spread of criminality via technology. He added, “A multidisciplinary and multi-stakeholder strategy involving technology experts, legal professionals, and legislators is essential to staying ahead of emerging criminal techniques. We also need to continue investing in ICT solutions.”
