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The Australian Transaction Reports and Analysis Centre (AUSTRAC) has intensified efforts to enforce Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) regulations among crypto ATM providers.

On Dec. 6, the watchdog said that crypto ATMs are increasingly used for money laundering and other illicit activities. Despite the country having around 400 registered crypto exchanges, only a small portion operate crypto ATMs. This gap leaves a significant share of Australia’s 1,200 crypto ATMs potentially non-compliant.

AUSTRAC CEO Brendan Thomas highlighted the risks posed by crypto ATMs, emphasizing their appeal to criminals due to their accessibility and capability for near-instant, irreversible transactions.

He stated:

“We’re seeing too many Australians falling victim to scams carried out through cryptocurrency, and we’ve heard of some victims losing their life savings, which is just heart breaking. As the use of cryptocurrency increases, so too will criminal exploitation, which is why this taskforce will work to eliminate non-compliant high risk operations.”

AUSTRAC has launched a task force to ensure compliance among digital currency exchanges (DCEs) operating crypto ATMs in order to tackle this issue. The initiative focuses on enforcing minimum compliance standards and implementing stronger safeguards to detect and prevent fraud and scams.

Crypto ATM operators in Australia are required to adhere to strict AML/CTF obligations. These include registering with AUSTRAC, conducting Know Your Customer (KYC) checks, monitoring transactions, and reporting cash transactions exceeding AUD 10,000 (approximately USD 6,430). Non-compliance risks significant financial penalties and swift action from the regulator.

Thomas warned:

“Cryptocurrency ATM providers need to ensure they are complying with their money laundering obligations and are reducing the risks of crime. If they’re ignoring those obligations they risk being subject to significant financial penalties and AUSTRAC won’t hesitate in taking action.”

The move aligns with a broader global trend of increased scrutiny of crypto ATMs. German authorities recently seized 13 crypto ATMs and €50,000 in cash due to non-compliant operations.

The post Australia intensifies crypto ATM oversight to curb money laundering risks appeared first on CryptoSlate.

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