Australian Markets Monitor Changing Data Operations
AUSTRAC discarding ETL for less-structured data transmission
The Australia Transaction Reports and Analysis Centre (AUSTRAC), a unit of the Australian government that is tasked with financial transaction surveillance to prevent money laundering and tax evasion, is rebuilding its data foundations, according to Maria Milosavljevic, the agency's chief information officer.
AUSTRAC had operated a pipeline to extract, transform and load (ETL) data directly into traditional data warehouse systems, but it is reconstructing its operations to loosely couple with data repositories in an unstructured fashion, said Milosavljevic, who was speaking at the Sydney Financial Information and Technology Summit on August 17.
"You need a good data strategy and we are in the middle of putting a brand-new one in place, but it has to be fit for purpose," she said. "It must be designed with the needs of the organization in mind."
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