Originally published on: December 06, 2024
Australia’s national financial intelligence agency, AUSTRAC, has identified cryptocurrency as a top priority for the upcoming year. In response, the agency is establishing a task force dedicated to targeting crypto ATM providers suspected of violating Anti-Money Laundering laws.
According to AUSTRAC CEO Brendan Thomas, cryptocurrencies and crypto ATMs are increasingly attractive to criminals seeking to launder money due to their accessibility and ability to facilitate fast and irreversible transfers. The task force will focus on ensuring that crypto ATM operators adhere to minimum standards to prevent illicit cash flows.
Leading crypto ATM providers in Australia, such as Coinflip, Localcoin, and Cryptolink, will be under scrutiny. These operators are required to register with AUSTRAC, conduct transaction monitoring, and implement Know Your Customer (KYC) checks on users. Failure to comply with regulations may result in significant financial penalties.
Penalties for money laundering offenses in Australia can include hefty fines and lengthy prison sentences. Given the surge in crypto ATM installations in Australia, the task force aims to eliminate non-compliant and high-risk operations to combat criminal exploitation.
Australia currently ranks as the third-largest hub for Bitcoin and crypto ATMs globally. With over 1,300 ATMs, the country has experienced a significant increase in adoption, particularly in the latter part of 2022. Private firms entering the market have contributed to this exponential growth.
By surpassing Asia’s Bitcoin ATM count in April 2023, Australia solidified its position as a key player in the crypto ATM industry. While the US leads globally in Bitcoin ATMs, Australia’s rapid growth signals a promising future for cryptocurrency adoption in the country.
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