AUSTRAC’s Fintel Alliance recognised for collaboration, receives International Compliance Association award
The AUSTRAC-led Fintel Alliance has been awarded the Best Collaboration of the Year Award by the International Compliance Association (ICA). The award recognises the collaborative efforts of the Fintel Alliance to identify and disrupt organised crime syndicates using automatic teller machines (ATMs) to launder the proceeds of crime.
Through the Fintel Alliance, AUSTRAC partnered with the Western Australia Police Force, ANZ bank, Commonwealth Bank of Australia, NAB and Westpac bank to commence a joint intelligence operation in 2020. The Fintel Alliance was able to identify money laundering syndicates looking to move the proceeds of crime through ATMs around Australia. To date, the project has led to 13 arrests across the country, as well as the seizure of over $4 million in cash and assets.
AUSTRAC CEO, Nicole Rose, said this award speaks to the success of the public-private partnership to break down silos across industry and law enforcement to disrupt crime.
“The complex and cross-border nature of many financial crimes highlights the need for strong collaboration. AUSTRAC’s longstanding partnership with industry and law enforcement through the Fintel Alliance is key to the ongoing sharing of critical intelligence, ensuring early detection of emerging threats – and supporting timely disruption efforts.”
“Our major bank partners provided intelligence support throughout the project, which was key to identifying and targeting the money launderers, and providing new leads for law enforcement partners,” Ms Rose said.
A significant outcome of the project was the major banks taking steps to limit funds deposited through ATMs, impacting the ability of serious and organised crime groups to launder criminal proceeds at ATMs.
“It’s an honour for AUSTRAC’s Fintel Alliance to be nominated for this award by the ANZ bank for this project. We recognise this is an outcome that would not have been achieved without the close collaboration of all partners.”
AUSTRAC (the Australian Transaction Reports and Analysis Centre) is the Australian Government agency responsible for detecting, deterring and disrupting criminal abuse of the financial system to protect the community from serious and organised crime.
Through strong regulation, and enhanced intelligence capabilities, AUSTRAC collects and analyses financial reports and information to generate financial intelligence.
About AUSTRAC’s Fintel Alliance
AUSTRAC’s Fintel Alliance brings together government and private sector organisations who work together to increase the resilience of the financial sector and contribute to law enforcement investigations.
The Fintel Alliance partners include major banks, remittance service providers and gambling operators, as well as law enforcement and security agencies from Australia and overseas. Working together, Fintel Alliance develops shared intelligence and delivers innovative solutions to detect, disrupt and prevent serious crime.
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