AUSTRAC’s Securities and derivatives sector: money laundering and terrorism financing risk assessment report: Response from BAE Systems Applied Intelligence

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Comments to be attributed to Michelle Weatherhead, Head of Financial Crime Solutions Australia & New Zealand, BAE Systems Applied Intelligence

“With fraud, including cyber-enabled fraud, and money laundering cited as the top two threats to our financial system, today’s AUSTRAC report shows more needs to be done to reduce the risk rating for Australia’s financial services sector.”

“Financial institutions are facing an increasingly sophisticated and dynamic set of criminals. The profiles of fraudsters and their tactics are changing at a rapid pace, with mules increasingly replacing professionals, and insiders ever more involved in crimes such as money laundering.”

“To address this threat, data analytics and machine learning should be at the heart of the financial services industry’s risk mitigation strategies. By gathering and analysing data from all parties involved in protecting our financial system, machine learning models can identify criminal patterns and new fraud techniques, as well as anticipate where risks and vulnerabilities might be exploited next.”

“Improving Australia’s response to financial crime involves an integrated and collaborative approach, within Australia and across borders.  We encourage the financial services industry to share more data and intelligence in order to learn from each other’s experience. A renewed focus on industry collaboration and the use of smart analytic models can reduce the risk posed by fraudsters and criminals.”

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