AUSTRAC Alerts Crypto ATM Providers on Compliance with AML Standards
AUSTRAC, Australia's anti-money laundering regulator, has warned crypto ATM providers about compliance issues with anti-money laundering and counter-terrorism financing standards.
- Some providers lack proper AML/CTF checks.
- Crypto ATMs must register, monitor transactions, and conduct know your customer checks as per the AML/CTF Act 2006.
- Australia leads the Asia Pacific in crypto ATMs, with approximately 1,600 operational, a rise from 23 in 2019.
- A task force identified suspicious activities linked to scams or fraud.
- The regulator is following U.K. practices, where only approved crypto ATMs operate.
- A recent U.K. case resulted in a four-year sentence for illegal operation of a crypto ATM network.