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Fintel Alliance: The Year in Review

The past year has seen the Fintel Alliance’s collaborative approach enhance the fight to protect the Australian community against serious and organised crime. Fintel Alliance has been able to strengthen the role of government, law enforcement and the financial industry to disrupt and prevent financial crime in a challenging operating environment.

As serious and organised crime groups adapted to take advantage of changes in the way Australians live their lives, the Fintel Alliance has been able to leverage the public private partnership to better protect the community. This has been achieved through an increased focus on information sharing between public and private partners, with learnings from the Fintel Alliance shared with a wider audience through the release of financial crime guides.

In the 2020-21 reporting period, the Fintel Alliance has been able to regularly demonstrate the value of government, law enforcement and the financial industry working in partnership to detect, disrupt and deter financial crime impacting the Australian community.

INDUSTRY INSIGHT

“The Fintel Alliance provides significant benefit to our financial institution by offering a structured and well-coordinated way of sharing information and improving AML/CTF detection across the industry. We’ve benefited across our entire organisation and the fundamental premise of connecting law enforcement and financial services organisations is where we’ve truly been able to put our intelligence gained via Fintel into action. As a result our bank has been able to connect with the Fintel Alliance privately to provide direct references to SMR reporting on key actors that we believe may need urgent attention. Fintel has connected the Bank with the relevant law enforcement body to escalate and help resolve these cases related to tax evasion, organised crime, child exploitation and modern slavery. Furthermore, the Bank has had a channel to feed these outcomes into, so the financial crime prevention industry can all take action and learn together – ultimately disrupting illicit activity in our communities. That said, Fintel is more than a collaboration forum, it provides us all with best practice insights, thought leadership and innovation. Most importantly a way of uniting around a common goal and prioritising efforts around this goal in a meaningful and concerted way.”

- Comment from Fintel Alliance industry partner

Year in Review highlights

  • Contributed to arrests of offenders for money laundering, cuckoo smurfing, scam activity, child exploitation and fraud against different stimulus measures.
  • 243 intelligence products provided to law enforcement and intelligence partners.
  • Released public reports to stop the illegal trafficking of Australian wildlife, prevent fraud against the National Disability Insurance Scheme and respond to cuckoo smurfing.
  • Established working groups to bring together experts, analysts and practitioners on the complex topics of trade-based money laundering and tax crime.
  • 5,258 suspicious matter reports were lodged relating to Fintel Alliance areas of focus.