AUSTRAC has announced the expansion of its public-private intelligence partnership, Fintel Alliance, making its collaborative data analytics hub a central function in its operations.
Fintel Alliance, launched in 2017, brings together major banks, remittance providers, gambling operators, and law enforcement to share real-time data and combat serious crimes such as money laundering, child exploitation, tax evasion, and fraud.
AUSTRAC CEO Brendan Thomas said the partnership has proven highly effective, enabling the detection of complex criminal networks by pooling over 50 million transaction records and identifying patterns invisible to individual parties.
The expansion includes growing the analytics team and increasing industry collaboration, including a seconded senior manager from ANZ Bank. The move also prepares AUSTRAC to work with tranche 2 entities under future regulation.
Recent initiatives include alerts on micro-laundering and a campaign against “scambling” – unlicensed online gambling scams targeting vulnerable communities, particularly in regional Aboriginal areas.
Paul Jevtovic (NAB) and Cassandra Hewett (ANZ) emphasized the value of real-time intelligence sharing in detecting low-value, high-frequency crimes and protecting customers. AUSTRAC Deputy CEO John Moss noted the expansion will enhance AUSTRAC’s reach in disrupting organised crime.
