Information and communication technologies, artificial intelligence, and the fight against money laundering in Africa

Abstract

The risk of money laundering induced by information and communication technologies (ICT) in the financial sector could be controlled by adopting artificial intelligence systems and increased security investment in Sub-Saharan Africa. The establishment of a regulatory framework for controlling ICT is necessary to combat capital laundering effectively. Poverty and unemployment harm the struggle against money laundering. The fight against corruption and political stability contribute positively to policies against money laundering.

Digital transformation, banking stability, and financial inclusion inSub‐SaharanAfrica

“…DT thus enhances the capacity of fintech to promote financial inclusion by automating service delivery, improving the productive efficiency of banks, reducing information asymmetry and any other constraints that prevent the poor from accessing the banking system (Albanesi & Vamossy, 2019; Fulop, 2020; Mor & Gupta, 2021). Moreover, the combined effect of DT and banking stability can contribute to a better fight against money laundering (Couchoro et al, 2021).…”

“…DT are new technological advances that intertwine with IT, amplifying its profitability effectiveness and enhancing its productivity. In this logic, DT could strengthen the inclusive power of IT in the banking sector in SSA (Couchoro et al, 2021).…”

Machine Intelligence in Africa: a survey

“…The work in [15] maps policy and capacity for MI development in Africa. The authors in [16] explore the role of information and communication technologies, including MI, in the fight against money laundering in Africa. The work in [17] addresses the malicious use of MI in Sub-Saharan Africa, posing challenges for Pan-African cybersecurity.…”

Banking 4.0: The era of artificial intelligence‐based fintech

“…Moreover, with increased technological opportunities, risk like fraud detection increases (Ashta, 2014; Ashta & Herrmann, 2021). The risk of money laundering induced by information and communication technologies (ICT) in the financial sector could be controlled by artificial intelligence systems and increased security investment (Couchoro et al, 2021). Blockchain can empower banks to safely share client data across their organization and work on the authoritative interaction by decreasing data duplication and protecting it from frauds (Osmani et al, 2021).…”