The Minister for Home Affairs Tony Burke, last week visited AUSTRAC’s Sydney office to hear firsthand how the agency is gaining new ground in the fight against financial crime.

AUSTRAC’s Cryptocurrency Taskforce spoke about their findings from phase one which included getting a more in depth understanding of the risks in the sector and who is using crypto ATMs.

The taskforce found the 60-70 age group were the most prolific users, making up 29% of all transactions by value. When zeroing in on the customers making the largest transactions, AUSTRAC and its law enforcement partners found the majority of the most prolific users were either scam victims, money mules, or suspected offenders. 

The taskforce was set up in response to the burgeoning crypto ATM sector, to look at money laundering links and ensure operators were managing the very real risks that their machines were being used for scams and to launder the proceeds of crime.

Minister Burke listened to the taskforce explain AUSTRAC’s recently imposed minimum standards and discussed what is next for the taskforce. 

The Minister also looked in on Fintel Alliance during its ‘week of action’; the second activity of its kind. The week of action involves Fintel Alliance partners working together in the Collaborative Analytics Hub to more effectively detect and disrupt criminal financial flows.

Fintel Alliance hosted financial analysts from 5 of its banking partners as well as law enforcement subject matter experts, to analyse a large dataset of cash transactions shared under legislated provisions.

The hub, operating in Sydney and Melbourne, bunkered down for 3 days to crunch a huge number of data points. The group was able to identify unusual patterns, people and networks that will inform law enforcement referrals and future advice to the financial industry.

The first time this activity was undertaken, Fintel Alliance used combined datasets and new software to see things that were not visible before. In just a few days the group identified criminal networks now subject to law enforcement action. 

Fintel Alliance’s Collaborative Analytics Hub exemplifies AUSTRAC’s innovative use of public private partnerships to safeguard Australia’s financial system and strengthen national security. 

Minister Burke is looking forward to hearing about the outcomes of the week of action and interested in AUSTRAC’s plans to expand the alliance for further strategic benefit.

AUSTRAC CEO Brendan Thomas said under the Home Affairs banner, AUSTRAC’s priorities reach across community safety and align with national security interests and complex international financial crime threats.