ANZ has been acknowledged for its efforts in fighting serious and organized crime through collaboration with AUSTRAC, industry, and law enforcement authorities. The recognition comes as part of the bank's involvement in the AUSTRAC-led Fintel Alliance.
The Financial Crime team at ANZ initiated a project within the alliance, sharing a complex algorithm designed to detect money laundering activities across Australia's ATM network. This initiative led to targeted operations during 2020 and 2021, resulting in significant law enforcement outcomes, including arrests nationwide and the seizure of cash, drugs, firearms, luxury vehicles, and encrypted communication devices.
The International Compliance Association awarded the Fintel Alliance the Best Collaboration of the Year award for its role in identifying and disrupting organized crime syndicates through these operations.
ANZ Chief Risk Officer Kevin Corbally remarked on this achievement: “Working with AUSTRAC and others through the Fintel Alliance has demonstrated how collaboration can be an effective method of fighting organised crime." He added that it was gratifying to see the alliance recognized for its critical work and expressed pride in ANZ's contribution to this project and ongoing participation.
AUSTRAC CEO Nicole Rose commented: “It’s an honour for AUSTRAC’s Fintel Alliance to be nominated for this award by the ANZ bank for this project. We recognize this is an outcome that would not have been achieved without the close collaboration of all partners.”
In recent years, ANZ has made significant investments to enhance its financial crime data and analytic capabilities. This includes developing dynamic algorithms that have improved their ability to detect and prevent criminal activity more swiftly and accurately.
The Fintel Alliance represents a collaborative effort led by AUSTRAC, uniting government agencies with private sector organizations. Together they aim to develop shared intelligence and innovative solutions aimed at detecting, disrupting, and preventing serious crime.