AUSTRAC to expand Fintel Alliance to fight against financial crime

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has announced the strategic expansion of its public-private intelligence partnership, known as the Fintel Alliance, positioning its collaborative data analytics hub as a pivotal element in the fight against financial crimes.

The Fintel Alliance, established in 2017, unites key players from the banking sector, remittance service providers, gambling operators, and law enforcement agencies. This consortium focuses on the exchange of real-time data to effectively combat severe criminal activities, including money laundering, child exploitation, tax evasion, and fraud, thereby enhancing the integrity of the Australian financial landscape.

According to AUSTRAC CEO Brendan Thomas, the partnership has demonstrated remarkable efficacy in uncovering sophisticated criminal networks. By aggregating over 50 million transaction records, the Alliance has identified patterns that individual organizations might overlook. This collaborative approach exemplifies the power of shared intelligence in mitigating risks associated with financial crimes.

The recent expansion involves the augmentation of the analytics team and a significant increase in industry collaboration. Notably, the inclusion of a senior manager seconded from ANZ Bank highlights a dedicated effort to bolster the Alliance’s capabilities. This strategic move positions AUSTRAC to engage more effectively with tranche 2 entities under forthcoming regulatory frameworks.

Recent initiatives have also introduced crucial alerts focused on micro-laundering tactics and launched a campaign aimed at addressing “scambling”—a term that denotes unlicensed online gambling scams that disproportionately affect vulnerable communities, particularly in regional Aboriginal areas. These proactive measures underline the Alliance’s commitment to safeguarding at-risk populations.

Industry leaders, such as Paul Jevtovic from NAB and Cassandra Hewett from ANZ, have underscored the immense value of real-time intelligence sharing. Their insights emphasized the role of data analytics in detecting low-value, high-frequency crimes, which is vital for enhancing customer protection and preserving the integrity of the financial system. AUSTRAC Deputy CEO John Moss remarked that this expansion will significantly amplify AUSTRAC’s capabilities in disrupting organized crime, reinforcing the critical nature of collaborative efforts in the gambling sector and beyond.