The post Australia targets non-compliant crypto ATM operators with new task force appeared on BitcoinEthereumNews.com.

Australia has established a task force to crack down on cryptocurrency ATM providers that do not comply with the nation’s anti-money laundering laws. The Australian Transaction Reports and Analysis Centre has issued a warning for crypto ATM operators via a Dec. 6 statement, noting that non-compliance with anti-money laundering laws will result in enforcement actions and penalties. Coin ATM Radar data shows Australia as the third-largest hub for Bitcoin and crypto ATMs globally, with over 1,300 machines in operation. However, AUSTRAC, which put the number at around 1,200, claims only a small fraction of the country’s 400 registered digital currency exchanges operate these machines, making them a focal point for regulatory scrutiny. According to AUSTRAC CEO Brendan Thomas, cryptocurrency and crypto ATMs have become “attractive avenues for criminals” due to their accessibility and ability to facilitate “near-instant and irreversible transfers.”  As such, the agency will focus on eliminating non-compliant, high-risk operations throughout the next year to reduce the criminal misuse of cryptocurrency in Australia. “We’re seeing too many Australians falling victim to scams carried out through cryptocurrency, […] 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.” Brendan Thomas, AUSTRAC CEO Crypto ATM operators in Australia must adhere to anti-money laundering obligations, including registering with AUSTRAC, conducting Know Your Customer checks, monitoring transactions, and reporting suspicious activities, including large cash transactions involving amounts over 10,000 AUD (roughly $6,430). The task force will monitor the sector to ensure that crypto ATM operators comply with these rules and minimize the risks the kiosks pose, such as facilitating money laundering, scams, and other illicit activities. The recent warning aligns with AUSTRAC’s stance that digital currencies and exchanges pose significant money laundering and terrorism financing risks. In its 2024 National…

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Filed under: News - @ December 6, 2024 8:15 am