The 2030 Agenda for Sustainable Development includes a set of 17 Sustainable Development Goals (SDGs) to end poverty, fight inequality and injustice, and tackle climate change by 2030. The new SDGs, and the broader sustainability agenda, go much further in addressing the root causes of poverty and the universal need for development that works for all people. In all these endeavours banking remains key to achieving the SDGs. According to the United Nations, the Sustainable Development Goals (SDGs) need to address all forms of exclusion and marginalization, disparities and inequalities in access and participation.
Information Technology has been described as the great revolution of the 21st century. There is no denying that not only has Information Technology contributed immensely to improving the quality of life of most citizens in the world but has contributed to the ability of business to innovate, work more efficiently, the banking public has been taken out of banking halls to bank from the comforts of their homes, brick and mortar in financial institutions is soon becoming a thing of the past as customers bank from anywhere as long as they have a mobile ICT gadget and broadband connectivity. This guarantees equal access to banking to all regardless of where they are based. That includes remote areas of the country as long as there is access to the internet.
Money laundering functions as a critical nexus connecting the ‘shadow economy’ of these criminal activities with the economically regulated world. Utilizing the high speed, border-spanning telecommunications networks of the digital age, criminals can more easily obscure the illegal source of their profits and thus use tainted money in the legitimate financial system. Consequently, law enforcement agencies, regulatory authorities, and policymakers worldwide bemoan the insufficient capacity of anti-money laundering (AML) measures to counter such technological advancements.
The advancements in ICTs has improved the speed and quality of analysis of suspicious transactions. The use of ICT is slowly emerging as one response to critical issues faced in our world. As such there are a number ICT implementations beginning to take shape in response to incidents which will lay the foundation for further evaluation of regulatory mechanisms for handling crimes these include: Automated Fingerprinting Information Systems (AFIS), that is, the introduction of the fingerprint authentication system during Mobile Banking, integration of Global System for Mobile Communication (GSM) in almost all parts of the country and Use of Geographic Information Systems(GIS) in e-commerce etc. Use and integration of IP based CCTV systems with other banking systems.
The successes of using ICT models are well documented. By providing real time, precise and concise information, by improving the efficiency with which information is gathered, analysed and disseminated, these models can be used to reduce Money Laundering challenges throughout the world.