Australia: Australian Transaction Reports and Analysis Centre (AUSTRAC) – Australian government financial intelligence unit, will pilot a real-time analysis technology in April. It aims to provide 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 USD 24 million in additional funding from last year’s Federal Budget for the technology.