1000+ unique media and news posts every 24 hours…
AUSTRAC, an Australian financial intelligence agency, has announced a new crackdown on crypto ATMs. Although the regulator has not issued a complete ban, it will significantly monitor ATMs for legal compliance.
AUSTRAC called this crackdown the “first step” in the agency’s broader initiative to combat crypto crime.
The Australian Transaction Reports and Analysis Center (AUSTRAC) announced this crackdown through the press edition on December 6. According to the regulator: scammers have used crypto ATMs to pursue criminal activities and manipulate illicit funds. AUSTRAC considers crypto ATMs to be the optimal funnel for money laundering and encouraging crypto-related crimes.
“Crypto ATMs are attractive avenues for criminals looking to launder money because they are widely accessible and allow for near-instant and irreversible transfers. Crypto ATMs must ensure that they reduce the risks of crime. If they ignore these obligations, AUSTRAC will not hesitate to take action,” said Brendan Thomas, CEO of AUSTRAC.
Previously also British regulators has cracked down on crypto ATMs in 2022citing similar claims of money laundering. Australian law enforcement has been investigating crypto ATMs for some time. In 2022, the NSW Police have customized several cryptocurrency ATMs as part of an inter-agency raid.
AUSTRAC claimed that only a few crypto companies operate the majority of ATMs in Australia. The agency is therefore well equipped to scrutinize potential offenders. The regulator has also set up a special task force for this purpose.
The organization’s CEO called this crackdown “the first step in AUSTRAC’s focus on reducing the criminal use of cryptocurrency in Australia.” However, other government agencies carry out their own activities.
Meanwhile, ASIC, another financial regulator, has dismantled more than 600 crypto frauds in AugustAnd Police have seized $6.4 million from crypto criminals in October.
In other words, AUSTRAC is ready to take tough action. Thomas used anti-crypto rhetoric at several points in the statement, with lines like “as cryptocurrency use increases, so will criminal exploitation.” Nevertheless, this crackdown focuses on enforcement and does not include new restrictions.
To ensure compliance, Australian crypto ATM operators must monitor transactions, conduct KYC checks on all customers, report all withdrawals over $10,000, and more. Crypto ATM scams are very common, and Australian regulators are constantly working encourage users to report suspicious activity on crypto markets.
Disclaimer
In accordance with the Trust project guidelines, BeInCrypto is committed to impartial, transparent reporting. This news article is intended to provide accurate, timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content. Please note that our General terms and conditions, Privacy PolicyAnd Disclaimers have been updated.
1000+ unique media and news posts every 24 hours…