• Press Releases

November 15, 2016

Launch of Australian Financial Crimes Exchange

Today, Minister for Justice Michael Keenan announced the launch of a new independent entity that will take on the fight against financial crime. It is estimated that every year financial crime costs Australians in excess of $6 billion. The Australian Financial Crimes Exchange (AFCX) has been developed to provide real-time alerts of potential threats, so…

FREQUENTLY ASKED QUESTIONS

Business / Members

  • 1. Who are the current members?

    Our founding members are ANZ, Commonwealth Bank, NAB, Westpac and our recent subscriber, Community Owned Banking Association.

  • 2. What is the criteria for joining the AFCX?

    The reciprocal sharing of financial crime and fraud-related data is critical to the success of the AFCX, and benefits its subscribers. For legal, privacy and data protection reasons, a strict due diligence process will be undertaken when assessing an entity’s eligibility criteria to join the AFCX. Information from the AFCX’s System can only be used for the purpose of identifying, investigating and/or preventing any actual or suspected financial crime.

    The AFCX reserves the right to refuse any application to acquire the services of the AFCX in its sole discretion, including when an Applicant may appear to satisfy the criteria or conditions for membership.

  • 3. What does it cost to join?

    The AFCX is a Not for Profit company. The cost of operation plus the cost of maintaining currency of security and compliance requirements is considered in establishing the AFCX subscription cost for differing tiers of members. These tiered subscriptions costs reflect the relative size, breadth and complexity of the various organisations that are eligible to participate.

  • 4. What data do you require us to share?

    Members are asked to share financial crime related data commensurate with the nature of their product offering and nature of their business.

  • 5. What are the benefits of becoming an AFCX member?

    • Reduced losses due to financial crime
    • Improved efficiency and productivity
    • Lower operational risk and improved compliance
    • Industry initiatives to reduce financial fraud and cyber crime
    • Reduced risk ratings for operational risk and compliance
    • Improved collective awareness of financial and cyber crime which includes robust law enforcement intelligence

Consumer

  • 1. Do I need to do anything differently when I transact with my bank?

    No. This does not impact a customer’s relationship or day to day working with their bank.

  • 2. What do I do if I think my personal financial accounts/records/credit cards have been compromised?

    There is no change to the way you should respond to or handle a breach or theft of your financial records. Contact your bank, report it to the authorities and take their direction. You can also report fraudulent activity to ACORN (Australian Cybercrime Online Reporting Network, www.acorn.gov.au ).

  • 3. How much of my data will be shared with the AFCX? What will it be used for?

    The only data that will be shared is the result of financial crimes that have been identified through the financial institutions’ detection processes. The data will only include information about the criminal activity and will not identify individuals. The data will be used by members of AFCX to collaborate in real-time, identify criminal events, deduce patterns and predict long-term trends in order to reduce financial crime activity in Australia.

  • 4. Will my information be shared with government departments or other organisations?

    Information is acquired by the AFCX only when a member detects financial crime being attempted/committed. Data is held under strict security and privacy controls and is made available to other members under strict conditions for the purposes of investigating, preventing and taking action against financial and cyber crime.

  • 5. Are tax payers funding the AFCX?

    No. The AFCX is a not-for-profit body funded by the members. It is not funded by tax payer dollars.

AFCX Membership

The AFCX is open to organisations involved in financial transactions – such as insurance companies, finance providers, superannuation providers, public utilities and telecommunication providers.