The national security and finance sectors are coming together to form a new intelligence alliance.

A so-called ‘Fintel Alliance’ has reportedly been formed between the major players in the banking sector and government authorities including AUSTRAC and ASIO.

News Corp is reporting that the Fintel Alliance will allow near-real-time ­monitoring of transactions above a $10,000 domestic threshold, any international transactions (which have no reporting threshold) or any red-flagged transactions by people under surveillance or on intelligence watchlists.

The deal could potentially allow security agencies to disrupt dodgy transactions.

Financial ­institutions are currently required to report to AUSTRAC any transactions above the threshold within 24 hours.

The new specialist bureau wants to enhance this reporting and the actions that can be taken based on it, in the hope of disrupting illegal gang activities, the financing of terrorism and white-collar criminals.

Reports say the Fintel Alliance has already set up investigations into both the Panama Papers and online money mules.

The local network is set to be linked to the British Financial Intelligence Unit, and plans eventually to develop a global network through the Five Eyes intelligence alliance of Australia, the US, Britain, Canada and New Zealand.

News Corp reports that private groups including the ANZ, Commonwealth, Westpac, National Australia Bank, Macquarie, Paypal, and Western Union Fintech Australia have signed up already.

They will link with government agencies including AUSTRAC, ASIO, Australian Federal Police, Australian Taxation Office, Department of Immigration and Border Protection, Australian Criminal Intelligence Commission, NSW Crime Commission, NSW Police and the Australian Competition and Consumer Commission.