The guides contain practical information and indicators to help businesses identify and report if a payment could be related to ransomware attacks, or someone could be using digital currencies to commit serious crimes such as money laundering, scams, or terrorism financing.
The ransomware guide describes the financial indicators relevant to ransomware transactions and the behavioural response of victims as well as characteristics of a ransomware criminal.
Austrac recommends the use of Blockchain analytic software as a tool that can be used to follow and examine digital currency transactions and addresses.
The digital currencies guide includes Crime Type Specific Indicators for Illicit Activity Via Darknet Marketplaces, Terrorism Financing, Scams and Tax Evasion.
It also highlights emerging financial crime risks such as non-fungible tokens, decentralised finance, and staking digital currency.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.