Ictam for concerted efforts in money laundering fight
The ICT Association of Malawi (Ictam) has called for concerted efforts and investment in big data technology if the country were to win the fight against money laundering and cyber crimes.
This was said at a virtual seminar the association held recently when it engaged the Financial Intelligence Authority (FIA), Reserve Bank of Malawi (RBM) and National Registration Bureau (NRB) on money laundering fight.
It also comes against the background of increased cases of fraud where criminals are using digital platforms such as mobile money wallets.
In an interview, Ictam President Bram Fudzulani said there is a need for new approaches in the digital operating environment to deal with fraudsters.
“We have put across to the FIA and RBM that there are areas in which we can collaborate by using technology to deal with money laundering,” he said.
He said businesses have to invest in new technologies to protect customers and maintain trust in digital payment systems.
FIA Director of Compliance and Prevention Anita Mankhambo said the authority only looks at data and makes recommendations to necessary departments for action.
“The FIA’s functions are to receive, request, analyse and disseminate information obtained from reporting institutions such as financial institutions and we pass it on to the Fiscal and Fraud unit of Police or the Anti- Corruption Bureau and others,” Mankhambo said.
