AUSTRAC releases 2 new guides to help spot illicit crypto use
AUSTRAC also urged financial institutions from debanking clients who may be engaged in suspicious account activity, as a mistake could be costly to “Australia’s economy.” 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 merely on suspicion of such activity was a harmful practice with serious negative effects.In an announcement posted earlier today, AUSTRAC noted that the....
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The Australian Financial Compliance Enforcement Agency (AUSTRAC) has announced two new guidelines to make it simpler to identify when crypto is being used for dubious purposes or when a person is being obliged to pay crypto to ransomware perpetrators. Each guide provides practical recommendations to assist organizations in determining whether a payment is tied to […]
AUSTRAC’s Brad Brown pointed towards the Mt. Gox debacle and Silk Road to make the report’s “findings” stick. The status of Bitcoin in Australia has changed quite a few times over the past few years. The latest legislative proposal will see Bitcoin regulated stricter under the country’s regular AML and counter-terrorism financing laws. To put this into terms people can understand, the Australian government sees Bitcoin as an emerging threat, rather than a valuable innovation, based on the latest AUSTRAC report. It is not entirely surprising to see the Australian government see Bitcoin as a....
Bitcointalk user "Dogie" offers extremely detailed guides and reviews of various mining hardware. Dogie is the preeminent master miner. Manufacturers of crypto currency mining equipment send him their units for reviews and pre-production testing. His skills and hard work have helped countless in the mining community learn as well as grow. I go to him for help and advice as he can see things from a different perspective than so many others on both the hardware and software levels that can make what seems to be a huge problem into a simple solution. His guides and walkthroughs of hardware....
An Australian financial regulator has opened a new innovation centre dedicated in part to blockchain research. According to AUSTRAC – the Australian Transaction Reports and Analysis Centre – its innovation hub is aimed at exploring new technologies like blockchain in partnership with private-sector firms. As part of the initiative, it also plans to open a regulatory 'sandbox' in which firms can test new financial products. The hub is part of a broader effort focused on financial intelligence, launched last week by AUSTRAC, aimed at reducing money laundering. The agency said in a statement:....
CoinDesk has launched a bitcoin information centre designed to educate people about bitcoin. It contains guides on everything from the very basics of digital currency to how to set up your own bitcoin mining rig. The guides target both beginners and intermediate bitcoin users, helping to boost their knowledge of key topics. As we looked through online discussions about bitcoin and spoke to people outside the bitcoin world about the currency, frequent questions kept coming up. People didn't understand what gave bitcoin value, or where bitcoins came from. They had no idea how or where to buy....