Artificial intelligence (AI) and machine learning may have once been the domain of sci fi writers, but is today a mandatory requirement for Government productivity.
In her presentation at the 2nd Australian Digital Government Summit in Sydney last month, Leanne Fry, Chief Innovation Officer, AUSTRAC, told the 150-plus delegates that her agency is using it to ‘better analyse more data, to catch more bad guys.’
Who are these bad guys, I asked?
“Money launderers and those involved in terrorism finance,” she said.
“People think money laundering is a white collar crime. They don’t realise that it funds slavery and drug trafficking, amongst other things.”
AUSTRAC recognises that it cannot follow the money without help, so it launched Fintel Alliance, a public private partnership with financial organisations.
“We need to share data, and whereas once we might have said we couldn’t do this, now we’re testing all the boundaries.”
But she says that to work faster, mine more data and get more out of that data, then mobilise and act quickly on every given opportunity, AUSTRAC relies on AI and machine learning.
Compliance with Anti-money laundering counter-terrorism financing legislation (which has its own industry acronym of AML/CTF) represents a significant investment for financial organisations.
The opportunity AUSTRAC is exploring is how AI enables AUSTRAC to transform those processes and be far more effective.
Leanne said, “We can extract every ounce of value out of the data we get, more quickly. And we then use machine learning to tune these systems.”
She added it’s a win-win for the community and the financial sector.
In her presentation, Leanne advised delegates how they might use AI.
She said, “The questions to ask are, ‘do you need that capability in your organisation. Think about the problems you’ve got. Will AI and machine learning help you?”
She explained that the Fintel Alliance demonstrates deep collaboration between the government, and the regulated sector, the theme of the Australian Digital Government Summit.
“We’ve done this in an area where people have traditionally said, you can’t do that. It’s too secretive. The data is far too sensitive. But we did it by really challenging boundaries.”
Her message was, ‘if we can do it, it’s not impossible for others to do it and there is so much to gain.’
If you missed seeing Brolly’s presentation at the 2nd Australian Digital Government Summit on Australian legislation covering social media archiving, please call for a brief wrap up. 1300 797 683
Brolly Sales Manager