Australian Regulators Oblige Businesses to Report Suspicious Transactions

Edward lilly

November 14, 2023

3 minutes read

The Australian regulatory authorities ordered digital businesses to report cyberattacks and suspicious transactions. However, non-compliance fines will not be administered to companies that fail to comply.

Australian authorities encouraged companies to report cyberattacks on their businesses and keep shareholder structures fully transparent. In 2021, the country’s economy lost approximately $2.59 billion to crypto crimes. According to Australian regulatory authorities, the national cybersecurity plan, which is scheduled to be unveiled in November, would include a mandated AML system that requires local firms to notify the government about ransomware breaches. However, if the business doesn’t comply, there won’t be a fine associated with it.

The National Cyber Security Coordinator Air Marshal, Darren Goldie, claimed the companies still pay the ransoms to cyber attackers and did not report that to regulatory authorities. The coordinator has discouraged them from doing that so that they will protect them from these types of attacks. In October, Australia joined the 40 nations to collaborate and combat money laundering and terrorist financing. They also pledged not to pay cyber attackers ransomware demands. Minister for Home Affairs and Cyber Security, Clare O’Neil, stated, “we’ll create a ransomware playbook that will provide clear guidance to businesses and citizens on how to prepare for, deal with, and bounce back from ransom demands.”

Attacks using ransomware are still a frequent issue in the digital economy. The US Department of Justice (DOJ) declared in July that it would be tripling the size of its staff dedicated to cybercrimes, with the primary goal of fighting ransomware. The Australian government has also taken steps to address ransomware attacks. The Australian Cyber Security Centre (ACSC) has released a guide to help businesses protect themselves from ransomware attacks. The ACSC has also launched an education campaign to help raise awareness about ransomware threats. The government is developing platforms to assist businesses in safeguarding crypto scams.

According to the American blockchain analysis platform, Chainalysis, the amount of money sent to mining pools via ransomware wallets has increased. Chainalysis revealed that, in one case, an exchange wallet address had been the recipient of $158.3 million from ransomware addresses since 2018. The ACSC has also launched a warning for businesses and individuals to be aware of suspicious cryptocurrency transactions. It also advises businesses to report any suspicious activity to the relevant authorities.

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