By Abraham Kapambwe
September 2024How Data Analytics Can Be Used to Find Suspicious Transaction Reports and Facilitate Intelligence Dissemination
How Data Analytics Can Be Used to Find Suspicious Transaction Reports and Facilitate Intelligence Dissemination
In 2023, the Financial Intelligence Centre (FIC) analyzed a staggering 15,696 Suspicious Transaction Reports (STRs), resulting in the dissemination of 923 intelligence reports to Law Enforcement Agencies. The value of these disseminated intelligence reports reached an unprecedented ZMW13.58 billion, a significant increase from ZMW5.83 billion in 2022, representing a 133 percent surge. The majority of these reports focused on suspected money laundering, corruption, and tax evasion, a trend consistent with previous years.
This unprecedented rise underscores the urgent need for African governments to bolster their fight against corruption using advanced analytics. By leveraging real-time analysis, network analysis, and machine learning, we can significantly reduce these alarming figures. Utilizing Microsoft Fabric, we can seamlessly connect various data sources from banks, the Patents and Companies Registration Agency (PACRA), local authorities, the Zambia Revenue Authority (ZRA), and customs.
Our Regtech solutions include an Oversight Monitoring tool that will be using Microsoft Fabric to identify and report potential corruption to anti-corruption agencies. This tool not only detects financial irregularities but also tracks financial transactions and ensures regulatory compliance. By integrating these advanced technologies, we can create a robust framework to combat corruption and promote transparency across the continent.
During his recent visit to Kitwe, Zambia on October 21, 2022, President Hakainde Hichilema demonstrated his commitment to addressing urgent issues in the healthcare sector. He directed the Copperbelt Medical Officer, Charles Mwinuna, and Kitwe Teaching Hospital management to compile a checklist of areas that required immediate attention. This directive was extended to hospitals in the Southern Province as well. This initiative is part of a broader strategy to enhance transparency and accountability across various sectors, including healthcare and finance.
To help African governments fight corruption, we must leverage advanced analytics, real-time analysis, network analysis, and machine learning. These technologies can significantly reduce the incidence of financial crimes by providing deeper insights and more accurate detection capabilities. By harnessing the power of Big Data, President Hakainde Hichilema will have a real-time understanding of the financial landscape in Zambia. This data-driven approach will enable him to make informed decisions and allocate resources effectively.
Using Microsoft Fabric, we can connect various data sources from banks, the Patents and Companies Registration Agency (PACRA), local authorities, the Zambia Revenue Authority (ZRA), and customs. This integrated approach will enable a comprehensive view of financial transactions and activities, facilitating more effective monitoring and analysis. The implementation of this advanced Big Data system will revolutionize the way the Zambian government tackles financial and healthcare issues.
The unprecedented increase in the value of disseminated intelligence reports in 2023 highlights the critical need for advanced analytics in the fight against corruption. By leveraging technologies such as real-time analysis, network analysis, and machine learning, and by utilizing platforms like Microsoft Fabric, we can connect various data sources and provide comprehensive oversight. Our RegTech solutions, including the Oversight Monitoring tool, are essential in identifying and addressing financial irregularities, ensuring regulatory compliance, and ultimately reducing the incidence of corruption in Africa. This data-driven approach will enable President Hakainde Hichilema to take prompt and effective action, ultimately leading to better governance and improved services for the citizens of Zambia.