Financial crimes cover a wide range of illegal activities, including scams, money laundering, trafficking, tax evasion and child exploitation that involve monetary transactions. These crimes pose a major threat to the community, customers and the global financial system. Recently the Australian Competition and Consumer Commission (ACCC) reported that in 2024 Australians lost $2.7 billion a year to scams and the entire shadow economy in Australia is estimated to be worth $50 billion annually, increasing by 50% in recent years (Black Economy task force 2017).
There is a growing need to do more to empower financial institutions and policymakers to detect, report and disrupt financial crime. In line with the United Nations Sustainable Development Goals target 16.4, "by 2030, significantly reduce illicit financial flows and arms flows, strengthen the recovery and return of stolen assets and combat all forms of organised crime", the current Anti-Money Laundering and Counter-Terrorism Financing legislation is set to change. Known as Tranche II entities, Australia's regime is expected to expand the number of industries required to report suspicious financial matters, such as, lawyers, accountants, real estate agents, trust and company service providers, and dealers of precious metals and stones. While this aims to close gaps and improve a broader range of monitoring, it leads to a critical skills shortage for current and future workforces.
To combat this, Griffith University, in partnership with the Commonwealth Bank of Australia (CBA), launched the Academy of Excellence in Financial Crime Investigation and Compliance which aims to bring together Griffith's expertise in Business, Criminology, Information Communication Technology and Forensic Accounting to build interdisciplinary and industry-relevant training. Together with CBA, Griffith co-designed a series of interdisciplinary micro-credentials using an experiential learning pedagogy to enhance foundational skills of CBA staff across Australia, India and New Zealand.
This exceptional program offers immersive, hands-on experience in applying investigation skills through realistic scenarios, designed to sharpen participant's situational awareness and enhance their ability in matching transaction data with diverse financial crime typologies. The program will train up to 2,500 employees over three years and has received overwhelmingly positive feedback from participants with 96% of participants finding the program relevant to their role, and 98% finding it useful in uplifting their skills and knowledge.
"Combating financial crime is a major challenge for the global financial system, and in Australia, we are impacted by a shortage of skilled workers to combat the issue."
The Academy's Director, Professor Andreas Chai.
"We wanted to look at building long-term solutions for that capability, across all areas of financial crime. So, we came together to start building ideas."*
CBA's Executive General Manager, Financial Crime Compliance, Mr John Fogarty.
In addition to micro-credentials, through launching postgraduate programs and a national first undergraduate major, the Academy is working to address long-term capability needs by creating learning pathways for people wishing to enter the field either as fresh graduates, those re-skilling from another profession, or existing professionals building on their expertise for career advancement.
Nate Henshaw, a recent graduate, highlights the value of his experience at Griffith: "The Master of Financial Crime Investigation and Compliance equipped me with a sound knowledge of Australia's financial crime regulatory environment, financial crime trends and typologies, financial crime investigation skills, and financial crime risk management techniques. It also afforded me the opportunity to connect and learn from the friendly and expert teaching staff and network with the broader community of financial crime professionals."
As Nate attests, the Academy not only provides essential skills but also fosters valuable connections within the financial crime community. These efforts are crucial in strengthening Australia's defence against financial crime, ensuring a more secure and resilient financial system for the future. Progressing into the field, Nate has gone on to successfully secure a role as an Enhanced Due Diligence Analyst.
Continuing efforts to uplift industry capabilities, the Academy is opening Expressions of Interests for Short Courses aimed at individual learners or those from smaller institutions.
Find out more about the short courses here.
- Effective SMR report writing
- Employing an investigative mindset to investigate financial crime
- Financial crime disruption and prevention: Offender methodologies and victimology
- Mastering the risk-based approach to risk assessment
Keep up-to-date with the latest news and events by following the Academy on LinkedIn.
*Source: Australian Financial Review, August 21, 2024
