First international financial intelligence Codeathon

18 November 2017 9:00 am - 19 November 2017 5:00 pm

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First international financial intelligence Codeathon

First international financial intelligence codeathon

The first international codeathon for financial intelligence units (FIUs) is being co-hosted by AUSTRAC, Australia’s financial intelligence unit and Bank Negara Malaysia from November 18 to 19 2017 in Kuala Lumpur, Malaysia.

The codeathon will bring together developers, designers, analysts, subject matter experts and other skilled and motivated individuals. Participants will form teams and have 32 hours to solve financial intelligence challenges. Their innovative solutions may be presented in various forms, including live applications, websites or prototypes which may well serve as precursors in constructing innovative digital solutions to fight terrorism financing.

Acting AUSTRAC CEO, Gavin McCairns, said AUSTRAC is encouraging participation from Australia’s growing fintech, regtech and start-up communities, financial institutions and FIUs in the region.

“This initiative provides a framework to work with industry and government to continuously explore new opportunities, where we can leverage the latest technologies to fight terrorism financing”.

”This unique event is an excellent opportunity for tech-savvy individuals, including hobbyists, students and software developers, to contribute their ideas to address a serious matter and enjoy some friendly competition at the same time”.

Codeathon 2017 is part of the third regional Counter-Terrorism Financing (CTF) Summit, which brings together FIUs, industry participants and leading anti-money laundering and CTF experts around the world.

There will be several prize categories which includes awarding the team that can demonstrate the most collaborative way to tackle terrorism financing – being true to the spirit of our CTF Summit.  Winners and outcomes will be announced at the Innovation Forum.

Registration for Codeathon 2017 is open to all members of the public, financial institutions and FIUs. Expressions of interest can be registered via the CTF Summit 2017 Codeathon website..

Follow @AUSTRAC on Twitter and the AUSTRAC website for the latest updates.


What is International FIU Codeathon?

The first Counter-Terrorism Financing (CTF) Summit in Sydney saw the gathering of Chief Information Officers from the region where a forum was held on the first day of the Summit to bring together technology and innovation specialists from participating organisations to discuss the changing nature of the environment and the need for closer collaboration.

Arising from this, a working group, International Community of Experts (ICE) Forum, was formed in April 2016 as one of the outcomes from the Summit. The working group aims to facilitate the advancements in financial, technological and Financial Technology (FinTech) sectors. These ideas are used to implement solutions that improve the information sharing and systems of the participating Financial Intelligence Units (FIUs). Currently, members of the ICE Forum consist of FIUs from six countries: Malaysia, Australia, Brunei, Indonesia, Philippines, and Thailand.

This year, the Malaysian and Australian FIUs, Bank Negara Malaysia (BNM) and Australian Transaction Reports and Analysis Centre (AUSTRAC) will be hosting the first International FIU Codeathon 2017 (the Codeathon). This inaugural event is organised in conjunction with the 3rd CTF Summit which will be held in Kuala Lumpur, Malaysia, as part of the continuous effort to integrate and maximize the benefits of information technology (IT) in countering terrorism financing

The Codeathon brings together CTF subject-matter experts, software developers, programmers, analysts, designers, engineers and other skilled individuals from the FIUs, FinTech and Regulatory Technology (RegTech) communities, and financial institutions. This is to engage and construct innovative digital solutions to curb the emergence of terrorism financing. The participants are given 32 hours to solve challenges that will be unveiled on the first day of the Codeathon. The outcomes of the Codeathon, which may be presented in various forms including live applications or prototypes, will serve as precursors in constructing new and innovative digital solutions to counter terrorism financing.