Wednesday, 05 May 2021 02:27

ACMA signs MOU with Australian Financial Crimes Exchange Featured

By Staff Writer

The telecommunications industry regulator, the Australian Communications and Media Authority (ACMA), has signed a memorandum of understanding (MOU) with the Australian Financial Crimes Exchange (AFCX) which enables the exchange of information about unauthorised mobile number porting when it’s used for scams, fraud and financial crime.

The ACMA says it uses the information from the AFCX - an independent organisation formed by the four major banks' that operates as a not for profit to assist businesses combat financial-related crimes - to enforce new rules that require telcos to adequately verify a customer’s identity before transferring a phone number from another telco.

The ACMA says the new rules help prevent the unauthorised porting of mobile service numbers and reduce “significant harms to customers”.

“AFCX information will also help us deliver in our fight against phone scams. The AFCX receives and compiles information from banks and other financial institutions about incidents of actual and suspected fraud, financial crime and cybercrimes, including phone number fraud,” the ACMA said in a statement on Tuesday.


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The MOU outlines areas of collaboration between the ACMA and the AFCX including (but not limited to):

  • The ACMA's powers and functions under the Broadcasting Services Act 1992, the Radiocommunications Act 1992, the Telecommunications Act 1997, Telecommunications (Consumer Protection and Service Standards) Act 1999, the Spam Act 2003, the Do Not Call Register Act 2006, and the Interactive Gambling Act 2001 - as well as associated regulations, standards and codes of practice.
  • AFCX's responsibilities for intelligence and data-sharing activities, including for the purposes of investigation, prevention and acting in relation to actual or suspected fraud-related events and/or financial and cybercrime.

To access the full details of the MOU between the ACMA and the AFCX click here.


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