AUSTRAC is expanding Fintel Alliance, following significant law enforcement successes through this intelligence partnership.

Established in 2017, Fintel Alliance is a world-leading public-private partnership fighting financial and other serious crimes. Partners include government agencies, federal and state police and financial institutions.

The expansion is part of a broader initiative to deepen cooperation among financial institutions, industry partners, law enforcement and government partners. Fintel Alliance has a unified approach to combating money laundering, terrorism financing and other serious crimes.

As AUSTRAC prepares to regulate additional professions and industries, this expansion will also play an increasingly vital role in detecting and disrupting criminal activity.

“Together we are able to do much more than any of us could do alone,” says AUSTRAC CEO Brendan Thomas. 

By pooling data, sharing insights and targeting major threats, partners have helped identify criminal patterns and trends across the financial sector. Last month, Fintel Alliance again worked with partners using its Collaborative Analytics Hub to analyse a large dataset of cash transactions shared under legislated provisions. By combining these datasets with advanced software tools and the combined expertise of Fintel Alliance members, the analysts uncovered previously-hidden criminal patterns. This led to the rapid identification of criminal networks now subject to law enforcement action and will inform future advice to strengthen Australia’s financial system.

“Fintel Alliance has been so effective that we will now make its collaborative data analytics hub a central function going forward,” said Mr Thomas. 

Other key aspects of the expansion include:

• increased AUSTRAC staffing to support the development of new and innovative intelligence tools and technologies, as well as increased participation by both public and private members
• the secondment of a senior manager from ANZ Bank, who will co-lead efforts to strengthen collaboration with industry and government partners
• future proofing Fintel Alliance’s ability to build partnerships with additional industries such as real estate professionals, legal service providers and accountants.

More information

Follow the new Fintel Alliance LinkedIn account to stay up to date. You can also read about how the Fintel Alliance is expanding following successful intelligence partnerships on our website.