Australia establishes first anti-financial crime body

The Australian government has announced the nation's first independent body to fight financial crimes.

Using a secure web portal, businesses that are members of the AFCX (Australian Financial Crimes Exchange ) will be able to alert other members to, and share with them information on suspicious transactions.

Members will also be able to analyze data from across the industry rather than their own data to detect suspicious trends and take preventative action.

The system was established through a partnership between Australia's four largest banks, and the government will provide security capabilities, technology and intelligence to the 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," Michael Keenan, justice minister, said in a media release on Tuesday.

David Pegley, managing director of the AFCX, said the formation of the body was a landmark moment in Australia's fight against financial crimes.

"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," 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," he said. Endit