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The Academy of Excellence in Financial Crime Investigation and Compliance

Recognition Year(s): 2025
School: Griffith Business School, Griffith University
Location: Australia

Addressing the immense challenge of financial crimes, Griffith University and the Commonwealth Bank of Australia (CBA) have partnered to create the Academy of Excellence in Financial Crime Investigation and Compliance. Unique in its industry-informed, holistic approach, the academy uses a methodology that integrates forensic accounting, criminology, and cybersecurity to deliver comprehensive education, training, research, and engagement programs.

Call to Action

Financial crimes cover a wide variety of illegal activities involving monetary transactions, such as money laundering, trafficking, tax evasion, child exploitation, and terrorism financing. These crimes pose a major threat to communities, customers, and the global financial system.

The World Economic Forum estimates that criminal transactions total 2 trillion USD globally, yet few violators are held accountable. Less than 1 percent of proceeds are ever seized by law enforcement. The Australian Competition and Consumer Commission reported that Australians lost 2.7 billion AUD (approximately 1.7 billion USD) last year in scams. According to the Australian government’s Black Economy Taskforce 2017 Final Report, Australia’s entirety of illegal or deceptive economic activities, known as the black or shadow economy, is estimated to be worth 50 billion AUD (approximately 31.5 billion USD) annually, an increase of 50 percent in recent years.

There is a growing need to empower financial institutions and policymakers to detect, report, and disrupt financial crime. The United Nations Sustainable Development Goals target 16.4 aim to, “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.” In line with this goal, the current Australian Anti-Money Laundering and Counter-Terrorism Financing legislation is set to change.

The regime is expected to expand the variety of industry professionals 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—collectively known as Tranche 2 entities. While this effort aims to close gaps and broaden the range of monitoring, it leads to a critical skills shortage for current and future workforces.

Innovation Description

The academy directly addresses the global workforce shortage in financial crime compliance by training existing investigators, building a strong talent pipeline, and ensuring graduates are industry ready. In one initiative, the co-design of interdisciplinary microcredentials for CBA’s frontline staff across Australia, India, and New Zealand puts the focus on experiential learning.

These innovative programs use realistic scenarios to enhance participants’ ability to identify and counter various financial crime typologies. Over three years, approximately 2,500 employees will be trained through this capability uplift program.

As evidence of this collaboration’s success, the academy’s training components have been integrated into CBA’s workforce quality assurance processes and adopted by other financial institutions, including Bankwest and ASB Bank Limited. Its success is further evidenced by participant feedback results: participants gave the microcredential program an average rating of 98 percent in terms of how useful the program has been in uplifting their skills and knowledge, as well as 96 percent in terms of how relevant the program is to their specific job.

Additionally, Griffith University has pioneered Australia’s first undergraduate major and master’s program in financial crime investigation and compliance, which has fostered a professional identity among officers of these areas.

Having set new standards in financial crime education and workforce development, this partnership has not only strengthened the financial system against criminal exploitation but also built safer communities by empowering professionals to protect the most vulnerable.

Innovation Impact

Drug trafficking, human trafficking, fraud, and scams have devastating impacts on the most vulnerable people in our society. These criminal activities are established for financial gain, and the financial system can be a strong defense against these horrific crimes.

The academy strengthens the financial system against criminal exploitation. Its training programs have indirectly impacted millions of bank customers by equipping bank staff with the skills to better identify, detect, and report financial crime. A key focus of this training has been on combating child sexual exploitation, particularly in cases in which funds are sent offshore.

Beyond the immediate financial sector, the academy’s work alongside NGOs has increased awareness of financial crimes and equipped vulnerable segments of the community with the information and strategies they need to protect their businesses and families.

The program’s impact is also inspiring future professionals and launching successful careers. For example, several high school students who participated in Griffith scam education programs have decided to pursue careers in financial crime investigation. Also, recent graduates have secured positions as enhanced due diligence analysts with reputable banks and a national intelligence agency.

Without these frontline staff protecting the Australian community through strengthening the financial system, there would be a reduced collective defense against these devastating crimes.

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