RealNews

Muscling up to fight cybercrime

MONEY launderers, terrorist financiers and deadbeat dads will face tighter examination of their financial transactions as Australia’s financial surveillance agency Austrac adds more computing power to its arsenal. Austrac – which tracks large and suspicious payments through the banking system under the provisions of the Financial Transactions Reporting Act – has been rolling out a range of reporting tools to help it churn through more data as pressure increases on its resources. The 2004 federal budget allocated the agency an extra $36 million over four years to boost its capabilities. Some $3.4 million will go into additional IT systems. Austrac has 70 million transactions in its TRAQ database, and sifts through 60,000 new ones each day. Full Story

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