Australia’s anti-laundering of money laundering, Austrac, adopted a number of measures for crypto-atm providers to crack down on scammers using the devices to target the elderly.
Austrac sets a $ 5,000 limit on Crypto ATM Content deposits and withdrawal, which requires operators to improve their customer -dilence -obligations, include fraud alerts and monitor transactions, CEO Brendan Thomas said in a statement on Monday.
The response follows data that showed that the ATMs were used for fraud and fraud -related transactions and that scammers were aimed at older members of the population. The regulator obtained data from nine Crypto ATM providers who revealed crypto tractors over 50 years of age accounted for 72% of all transactions and 60 to 70-year-olds for 29% of the transactions.
“It is a huge concern that people in this demographic are over-represented as customers who use cash to buy cryptocurrency, and as evidence suggests that a large number of 60-70 year old users are victims of fraud activity,” Thomas said.
Australia has the highest number of crypto money machines in Asia and the Pacific area, a number that increases. The nation has approx. 1,600 machines in use, up from only 23 in 2019, Austrac said. Nearly 150,000 transactions occur annually, and $ 275 million is moved using crypto -money -makers to mostly buy Bitcoin
Tether’s Usdt and Ether, added the statement.
The regulator also said it refused to renew the registration of Harro’s empires because it found that its crypto -money machines could be exploited.
Austrac has also warned Crypto ATM providers to register with it and have the right money laundering in place.
