Anti fraud squad to offer better data on dodgy deals

 25 January, 2011 12:08

http://www.computerworld.com.au/article/374404/austrac_sniffs_new_analytics_system/

Australian government financial intelligence unit AUSTRAC will pilot a real-time analysis technology in April, in hopes of providing greater intelligence to other agencies.

The trial, to encompass 35 of its online-capable agencies, will comprise implementation of new search and analysis tools for social networks, geospatial information with improved graphical analysis, data mining, monitoring and data matching capabilities.

The agency collects financial transaction reports from a range of business including financial, money services, gambling and bullion sectors. This includes reports such as large cash transactions, international funds transfer instructions and suspicious matter reports, in order to prevent money laundering and other criminal activities.

Most of these reports are received electronically.

Since the introduction of the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006, it has been challenged by increased data volumes, report complexity, partner agency request and increasing partner agency expectations on turn-around times and quality, according to department documents.

A five-year strategic vision was adopted for the re-engineering of AUSTRAC’s intelligence operations, including the implementation of new ICT architecture to maintain pace with the changing environments. It received $24 million in additional funding from last year's Federal Budget for the technology.

“The new analytics solution will enhance the capability of AUSTRAC and its partner agencies," the documents read. "There are currently 35 agencies that have online access to AUSTRAC’s analytical systems and tools. The objective is to deliver higher value financial intelligence in near real-time and better meet the needs of our stakeholders and the broader intelligence community."

AUSTRAC also wants to introduce a case management and workflow system which will be used to house data on current cases.