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Yeah, they know about that trick; it's illegal too.

That's the thing with policy makers. Most of them are really smart and whatever you can think of, they have already thought of. Once in a while there are unintentional loopholes that even smarter people exploit and this makes the media, but most of the time, it's all well thought out stuff.

Transaction 1: $10,000 buy the car wheels and chassis; Transaction 2: $10,000 buy the engine; Transaction 3: $10,000 buy the rest of the car.

Yeah, they know about that trick; it's illegal too.

All crypto transactions in australia over 10k are required to be lodged with AUSTRAC - http://www.austrac.gov.au/medi...

http://www.austrac.gov.au/site... If the police try to block your account due to terrorist fears or somesuch, the bank will helpfully give you a 30 day heads up to move your money some place else.

Just to be pedantic, its not the tax office, its Austrac - the Australian Transaction Reports and Analysis Centre http://austrac.gov.au/

There is a range of items which can be used for your ID. Everyone should be able to get at least one form of 70pt identification, since if you weren't born in Australia, you would either have citizenship or be on a visa, which needs a passport. Not every organisation will allow every form of ID, epsecially if it is something which they are not familiar with and so cannot easily verify (or are too much trouble to verify, such as telephone contact), but a large subset of these items will be accepted at these values.

Can't you expect to do a few IP lookups a year and roll that into the costs of the ISP? Look at how many you did last year and figure that as your best guess.

There's also an unknown number of suspicious transaction reports that must be filed (depends on how many suspicious transactions you find - there are consequences for not finding them).

Look here AUSTRAC for an overview of what's required in Australia.

The fact is that financial institutions have been a conduit for illegal activity (money laundering and funding of illegal/terrorist operations) for quite a while. As a result governments have introduced legislation to mandate reporting of certain things to aid in finding and prosecuting. To operate in the financial realm you need to comply with these legal requirements.

The internet is also a conduit for illegal activity. It's only a matter of time before governments catch up and also create rules mandating reporting. Like financial institutes the financial burden will lie with the company providing the service and by necessity passed onto the customer.