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Fintel Alliance stats for 2018-2019

Last week, the Fintel Alliance released their operational results for 2018-2019 in their fight against serious crime. AUSTRAC CEO Nicole Rose highlighted the importance of the information shared through the Fintel Alliance and the role it plays in assisting the Australian Transactions Reports and Analysis Centre and its approach to financial crime.

“It is very encouraging to see the Fintel Alliance already making major contributions to fighting serious financial crime after its first two years in operation,” Rose said. “I commend the efforts of Fintel Alliance industry and its government partners, and their willingness to collaborate in this fight.”

Rose added, “The Government’s increased funding of $28.4 million to AUSTRAC over the next four years will allow the Fintel Alliance to expand its capabilities to better combat serious financial crime.”

Highlights from the operational report show that 131 intelligence products were issued to law enforcement over the past year, with 320 investigations initiated based on intelligence disclosed through the Alliance. The Alliance also contributed to the arrest of 108 persons and the closure of the accounts of 90 high-risk customers. Further, 87 potential victims were identified, and 2,500 credit card identities were recovered. The report also showed an 850 per cent increase in child exploitation detection reports, and a 380 per cent increase in reports relating to the activities of outlaw motorcycle gangs.

When it comes to money laundering, however, these numbers look a little different. The reporting of money laundering and corruption from Fintel members is up 76 per cent. Money laundering instances relating to outlaw motorcycle gangs is next in line, with an increase of 47 per cent.

The most intelligence from non-Fintel Alliance members applies again to money laundering and money mules, at 37 per cent, followed by child exploitation reporting, at 20 per cent.

The report also highlighted that the Alliance has reviewed its operational strategies for 2019-2022 to achieve ‘desired outcomes’ and to better ‘measure success’.

“The Fintel Alliance is building a partnership, or coalition, between public sector law enforcement and policy agencies and private sector financial organisations to prevent and disrupt the flow of illicit funds,” Fintel Alliance Strategic Advisory Board Chair, Roger Wilkins said, in an official statement last week.

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©2018-2019 by The GRC Institute - Governance, Risk & Compliance.  ABN: 42862119377