Austrac, Australia’s anti-laundering laundering, put Crypto ATM providers on notice so as not to comply with the required standards.
“Austrac’s Cryptocurrency Task Force has found that some Crypto-atm providers may not have the right anti-laundering of money laundering and terrorism (AML/CTF) in place,” Financial Intelligence Agency said in a release Monday.
Crypto ATM providers have to register with the regulator, monitor transactions, and implement your customer checks to comply with the country’s anti-whale laundering law and the Terrorism Act (AML/CTF).
Australia has the highest number of crypto money machines in Asia and the Pacific area, and the number is growing. The nation has approx. 1,600 in use, up from only 23 in 2019, Austrac said.
A Task Force created in December, ”identified worrying trends and indicators of suspicious activity, including transactions that may be linked to fraud or fraud,” said CEO Brendan Thomas.
The watchdog has followed in the footsteps of the British regulators in an attempt to crack down on illegal crypto -atm activity. In the UK, only approved crypto money machines can operate and no one has been. Financial Conduct Authority last month secured a four -year judgment against Olumide Osunkoya, 46, to illegally serve a crypto -atm network.
