The Australian Transaction Reports and Analysis Centre (AUSTRAC) is cracking down on cryptocurrency ATM providers in Australia that do not comply with the country’s anti-money laundering regime.
AUSTRAC intelligence shows cryptocurrency poses a heightened money laundering risk, and is increasingly being exploited for money laundering, scams and money mule activities.
An internal AUSTRAC cryptocurrency taskforce has been established to ensure digital currency exchanges (DCEs) that provide crypto ATM services meet minimum standards and have robust practices in place to identify and minimise the risk that their machines will be used to move money associated with scams, fraud or other proceeds of crime.
Under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006, DCEs, including those…
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