New sectors, tech, and legislative reforms mark Australia’s bold push to modernise anti-money laundering efforts
AUSTRAC Broadens Fintel Alliance to Combat Evolving Financial Threats
Australia’s financial crime watchdog, AUSTRAC, has unveiled a strategic expansion of its flagship Fintel Alliance as part of a broader initiative to stay ahead of rapidly evolving financial crime threats. This enhanced public-private partnership, first launched in 2017, has become a cornerstone of Australia’s national security and anti-money laundering (AML) framework.
Initially focused on collaboration between financial institutions, law enforcement, and intelligence agencies, the Fintel Alliance will now extend into additional sectors including legal, accountancy, and real estate—professions that have long been considered vulnerable to abuse by money launderers and fraudsters.
New Professions Under the Microscope: Tranche 2 Reform
One of the most significant elements of this development is AUSTRAC’s plan to bring ‘tranche 2’ industries—such as lawyers, accountants, and real estate agents—under the formal AML/CTF (Anti-Money Laundering and Counter-Terrorism Financing) regime. Long delayed, the legislative reform has gained momentum due to mounting international pressure from the Financial Action Task Force (FATF) and domestic policy advocacy.
AUSTRAC’s updated regulatory priorities, released alongside the expansion announcement, include a focus on implementing these reforms to capture up to 80,000 new businesses under Australia’s AML/CTF umbrella.
Data Intelligence and Technology-Driven Surveillance
Central to the Fintel Alliance’s effectiveness is its use of data analytics and shared intelligence. The expansion includes a Collaborative Analytics Hub, which will serve as the technological backbone for detecting complex illicit activities like money laundering, terrorism financing, and fraud. By integrating datasets across sectors and jurisdictions, AUSTRAC aims to uncover hidden transaction patterns and networks that would otherwise go undetected.
The agency is also introducing new digital tools and AI capabilities, positioning itself to match the sophistication of modern criminal networks.
Industry and Regulatory Collaboration at the Core
In a notable move, a senior executive from ANZ Bank will now co-lead parts of the Fintel Alliance, formalising AUSTRAC’s commitment to deeper engagement with industry partners. This approach acknowledges that financial crime cannot be tackled in isolation—success depends on real-time collaboration between regulators, financial institutions, tech providers, and professional services.
The regulator will increase its own staffing levels, ensuring it has the human capital to manage the broader regulatory scope and technological complexity.
Looking Ahead: A Future-Proof Strategy
The expansion of the Fintel Alliance is not just about enforcement—it reflects AUSTRAC’s ambition to “future-proof” Australia’s financial integrity. With the AML/CTF landscape becoming more complex, a multi-sectoral approach grounded in data, technology, and joint accountability is seen as essential.
This proactive shift aligns with global best practices and marks a clear step forward in Australia’s ongoing commitment to mitigate systemic risks, protect national security, and ensure that professional sectors are not exploited as conduits for financial crime.
In the coming months, the success of the expanded Fintel Alliance will likely depend on how well new entrants integrate with existing frameworks, and how rapidly AUSTRAC can scale its surveillance and enforcement infrastructure in tandem.
