Maria Milosavljevic, AUSTRAC, Presentation at Chief Data & Analytics Officer Forum, Melbourne

1. 1. 11 Increasing Collaboration to Maximise the use of Financial Intelligence and Disable Terrorism Dr Maria Milosavljevic Chief Innovation Officer
2. 2. 22 OUR MISSION Detect, deter and disrupt money laundering and terrorism financing risks and threats that affect Australia’s financial system, and contribute to the growth of Australia’s economy
3. 3. 33 14,058 About AUSTRAC 300% Growth in TF SMRs 83 International Exchange Agreements $2.5 billion Additional Tax Assessments over 5 years FATF EGMONT GROUP Asia Pacific Group Regional CTF Summit Reporting entities AML/CTF Review 84Recommendations Public Private NFP Academia
4. 4. 44 Where are we?
5. 5. 55 Our global environment is changing at an unprecedented rate NATIONAL AND GLOBAL SECURITY 300% AUSTRAC – RECEIPT OF TERRORISM REPORTING 2015 ORGANISED CRIME $36b COST TO AUSTRALIA ANNUALLY 200 + COUNTRIES INVOLVED IN PANAMA PAPERS CORRUPTION 1st NUMBER ONE ECONOMIC CRIME IN AUSTRALIA 2016 CYBER CRIME
6. 6. 66 GLOBALISATION 3.2b PEOPLE WITH INTERNET ACCESS 2015 DIGITAL TRANSFORMATION 115k AVG. BITCOIN TRANSACTIONS PER DAY 2015 GROWING REPORTING VOLUMES 100m AVG. AUSTRAC REPORTS PER YEAR TECHNOLOGY DISRUPTION $12b INVESTED GLOBALLY in FINTECHS 2015
7. 7. 77 Where do we want to be?
8. 8. 88 Collaboration and information- sharing with the private sector is also critical to effectively combat serious and organised crime. Foster and enhance international co-operation and collaboration. …a simpler and streamlined AML/CTF regime that makes better-use of the risk-based approach to regulatory relief. …AML/CTF regime that recognises the pivotal role of the private sector in the detection and prevention of criminality and seeks to leverage this expertise by building trusted partnerships for the sharing of financial intelligence. Statutory Review of the Act
9. 9. 99 Our Vision Building the Financial Intelligence Picture together - law enforcement, national security, regulators, private sector in partnership Increased efficiency and effectiveness at detecting, preventing and disrupting financial crime Timely sharing of actionable intelligence Targeting risks on a global scale. “ ” “What binds us is countering financial crime. This is our collaboration touch point” -- Paul Jevtovic, CEO
10. 10. 1010 Benefits sought Improved risk prevention, detection & response globally Actionable intelligence Rapid data fusion Resilient systems Smart systems Sustainability Shared outcomes
11. 11. 1111 The way we work needs to fundamentally transform Disrupt Discover Understand
12. 12. 1212 What do we need to get there?
13. 13. 1313 Transformative Relationships Whole of government Public-private partnerships
14. 14. 1414 Sustainable business model Investment channels Public, private, NFP, academic
15. 15. 1515 Centre of Excellence
16. 16. 1616 How do we design & build this?
17. 17. 1717 Rate of change Availability Feedback loops Automated unit tests Automated acceptance tests Automated capacity tests Co-design with users Exploring Showcase Production behavior analysis Users Our Program Transforming AUSTRAC’s delivery capability Continuous delivery Increasing delivery velocity Delivering value to users quickly Improving ROI Earlier feedback Feedback loops Shifting the quality curve allowing experimentation while maintaining service level objectives.
18. 18. 1818 Security Privacy Sovereignty Commercial in confidence Open data The world we live in
19. 19. 1919 Global problems need global solutions
20. 20. 2020 Deep Collaboration
21. 21. 2121 Share with intent
22. 22. 2222 Disruptive Innovation
23. 23. 2323 App Store Marketplace Business Architecture Concept
24. 24. 2424 You can also add quotes to your images…
25. 25. 2525 “Whatever system we design will already be imperfect, and it will become out of date in 3 years’ time. We need to build systems that rely on inexpensive, loosely coupled small components with standard interfaces that can be easily swapped in and out.”
26. 26. 2626 Data lake inflows Customers Data marts Visualisation Network discovery raw data automatic data extraction and fusion Dive in and play Machine learning Advanced Analytics Concept knowledge generated by human-machine interaction
27. 27. 2727 More… with less Faster processes Direct access Eliminating frustration Messages not lost in translation
28. 28. 2828 What does this look like?
29. 29. 2929 Success factors Collaboratively align the goals across the business User-experience first Co-design Fail fast & forward Get out of the way Break down silos
30. 30. 3030 For more information www.austrac.gov.au maria.milosavljevic@austrac.gov.au