15 November, 2016

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 quick action can be taken to protect customers.

The AFCX will bring together business and government to protect Australian consumers and businesses from this growing threat.

Using a secure IT portal, members will be able to alert other members to and share with them information on suspicious transactions. Members will also be able to analyse data collected from across the industry rather than just their own in order to detect trends and take preventative measures.

The AFCX has been developed through a partnership between the ANZ, the Commonwealth Bank, NAB, Westpac and the Australian Government and will provide leading security capabilities, technology and intelligence in one central platform.

Financial crime is constantly evolving alongside advances in technology, becoming faster and more complex. It is imperative that we work hard to stay ahead of the threats.

“Financial institutions already invest heavily in their own fraud detection technology. This joint effort is a mark of their serious commitment to do their utmost to guard against any growing threat and protect their customers.” AFCX Managing Director David Pegley said.

“AFCX members are looking for patterns and trends to reduce overall financial crime activity in Australia to offer the best protection for their customers, and all Australians” Mr Pegley said.

In developing the AFCX, successful models in other countries were assessed – including in the US, UK and South Africa.

The AFCX is a good example of the public and private sectors working together to combat a significant threat to our economy. I look forward to seeing this initiative expand into the future.

The AFCX is an independent not-for-profit entity.