Insurance law firm Clyde & Co has partnered with the Optus Macquarie University Cyber Security Hub and Tel Aviv-based law firm Agmon & Co., Rosenberg Hacohen & Co to investigate the use of unregulated financial products.

The firm’s Sydney office and a research team of experts from leading universities around the world, led by Doron Goldbarsht, principal investigator and an expert in anti-money laundering and counter-terrorist financing regulation from Macquarie Law School, will look at the security implications of unregulated financial products and how they may interact with money laundering and terrorism funding.

“Unregulated financial products – such as frequent flyer cards, store cards, and phone plans – are a fast-growing market segment,” said Michael Tooma, Australia managing partner at Clyde & Co. “We will investigate to what extent they may contribute to money laundering and terrorism funding.”

Goldbarsht said the initiative will help create a strong new payment and services products ecosystem, where money laundering and terrorist financing will be reduced while simultaneously improving the lives of individuals in the general community.