{"id":434941,"date":"2022-04-21T07:22:59","date_gmt":"2022-04-21T04:22:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/austrac-releases-2-new-guides-to-help-spot-illicit-crypto-use\/"},"modified":"2022-04-21T07:22:59","modified_gmt":"2022-04-21T04:22:59","slug":"austrac-releases-2-new-guides-to-help-spot-illicit-crypto-use","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/austrac-releases-2-new-guides-to-help-spot-illicit-crypto-use\/","title":{"rendered":"# AUSTRAC releases 2 new guides to help spot illicit crypto use"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a396e727e92b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a396e727e92b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/austrac-releases-2-new-guides-to-help-spot-illicit-crypto-use\/#%E2%80%9D_AUSTRAC_releases_2_new_guides_to_help_spot_illicit_crypto_use_%E2%80%9C\" >&#8221; AUSTRAC releases 2 new guides to help spot illicit crypto use   &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_AUSTRAC_releases_2_new_guides_to_help_spot_illicit_crypto_use_%E2%80%9C\"><\/span>&#8221; AUSTRAC releases 2 new guides to help spot illicit crypto use   &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvMTJkZjk3ODEtYWYxZC00NTJkLTllZjUtZjU4MzViMGFmN2IwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Australian financial compliance enforcement agency AUSTRAC has released two new guides to help entities to spot when customers are using crypto for illicit means, or when they are being forced to pay the creators of ransomware.<\/p>\n<p>But it warned that debanking customers merely on suspicion of such activity was a harmful practice with serious negative effects.<\/p>\n<p>In an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.austrac.gov.au\/news-and-media\/media-release\/austrac-works-businesses-target-ransomware-and-criminal-use-digital-currencies\">announcement<\/a> posted earlier today, AUSTRAC noted that the growing acceptance, value and adoption of crypto and blockchain tech has been accompanied by an increase in cybercrime. <\/p>\n<p>\u201cCyber-enabled crime is an increasing threat to Australians. According to the Australian Cyber Security Centre (ACSC), 500 ransomware attacks were reported in the 2020-21 financial year, an increase of nearly 15 percent from the previous year,\u201d AUSTRAC stated. <\/p>\n<p>The ransomware and \u201ccriminal abuse of digital currencies\u201d guides are not only designed to help spot bad actors, but also to make it easier to report suspicious activity to AUSTRAC \u2014 something which businesses must do after reporting the matter to the police. <\/p>\n<p>Blockchain Australia CEO Steve Vallas welcomed the new guides, stating that the \u201cuse of digital currencies for criminal purposes has no place in our sector.\u201d<\/p>\n<blockquote><p>\u201cOpen dialogue, pro-active guidance and strong relationships between Government and industry are necessary to ensure businesses can identify and report behavior that puts Australians at risk of harm.\u201d<\/p><\/blockquote>\n<p>In the ransomware guide, AUSTRAC <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.austrac.gov.au\/business\/how-comply-guidance-and-resources\/guidance-resources\/detecting-and-stopping-ransomware-payments\">highlighted<\/a> multiple indicators that a customer may be quickly trying to pay a ransom. The list included behaviors such as impatience over the speed of transactions, sudden large transactions from newly onboarded businesses and transfers of one&#8217;s entire holdings with a lack of account activity afterward. <\/p>\n<p>While the indicators might seem obvious, AUSTRAC pointed out that most \u201cvictims are often reluctant to report\u201d as they are looking to get their businesses out of the clutches of attackers and up and running again as soon as possible. <\/p>\n<p>\u201cWhere possible, encourage your customers to report ransomware incidents to the ACSC\u2019s ReportCyber service and law enforcement,\u201d the guide reads. <\/p>\n<p>In the illicit crypto use-focused guide, AUSTRAC <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.austrac.gov.au\/business\/how-comply-guidance-and-resources\/guidance-resources\/preventing-criminal-abuse-digital-currencies\">listed<\/a> activities such as tax evasion, money laundering, scams and the purchase of illegal products on the darknet. The regulator paid the most attention to money laundering, as it gave a rundown of its key components which include \u201cplacement, layering and integration.\u201d <\/p>\n<p>After purchasing digital assets with fiat (placement), the criminal will then attempt to convert the assets across different accounts and platforms (layering) to \u201cdistance the funds from the source.\u201d <\/p>\n<p>Decentralized finance (DeFi) platforms, mixers and privacy coins were stated as methods to do so. Finally, the bad actor will use the final variant of the funds to reintroduce the capital into traditional financial services or products (integration). <\/p>\n<p>\u201cThe conversion to and from government-issued currency is the point where a criminal is most exposed and identifiable,\u201d the guide reads. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Australia\u2019s first Bitcoin ETF could attract $1 billion after launch next week<\/em><\/strong><\/p>\n<p>Notably, the guide also urged traditional financial institutions to steer away from debanking customers, as this has been a key issue in the local crypto sector and could have major consequences if a lawful person has incorrectly been identified as a criminal. <\/p>\n<p>\u201cDebanking legitimate and lawful businesses can negatively impact individuals and businesses. It can also increase the risks of money laundering and terrorism financing and negatively impacts Australia\u2019s economy,\u201d the guide warns. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/austrac-releases-2-new-guides-to-help-spot-illicit-crypto-use\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; AUSTRAC releases 2 new guides to help spot illicit crypto use &#8220; Australian financial compliance enforcement agency AUSTRAC has released two new guides to help entities to spot when customers are using crypto for illicit means, or when they are being forced to pay the creators of ransomware. But it warned that debanking customers&#8230;<\/p>\n","protected":false},"author":1,"featured_media":434942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvMTJkZjk3ODEtYWYxZC00NTJkLTllZjUtZjU4MzViMGFmN2IwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,76978,20358,71511,33897,73240,70934],"class_list":["post-434941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cybercrime","tag-australia","tag-government","tag-money-laundering","tag-ransomware","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/434941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=434941"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/434941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/434942"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=434941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=434941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=434941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}