AUSTRAC Implements New Measures for Crypto ATM Providers to Combat Scams
Australia's anti-money laundering regulator, AUSTRAC, has implemented new measures for crypto ATM providers to combat scams targeting the elderly.
- Imposition of a $5,000 limit on cash deposits and withdrawals at crypto ATMs.
- Operators must enhance customer due diligence and include scam warnings.
- Monitoring of transactions is now required.
- Data reveals users over 50 account for 72% of all transactions, with 29% from those aged 60-70.
- Approximately 1,600 crypto ATMs are operational in Australia, up from 23 in 2019.
- Annual transactions near 150,000, moving about $275 million primarily in Bitcoin, Tether, and Ether.
- Harro’s Empires had its registration refused due to exploitation concerns.
- AUSTRAC continues to warn providers about necessary money laundering checks.