The post Australia’s (AUSTRAC) Cracks Down on Crypto ATMs to Stop Money Laundering appeared first on Coinpedia Fintech News
Australia’s financial intelligence unit, AUSTRAC, has launched a new task force to target cryptocurrency ATM providers suspected of violating anti-money laundering (AML) regulations. Brendan Thomas, AUSTRAC CEO, highlighted the risks posed by the fast and accessible nature of crypto transactions, which criminals may exploit for money laundering. The task force will ensure ATM operators follow strict standards, including transaction monitoring and Know Your Customer (KYC) checks. Violators face penalties, with offenders risking up to 12 years in prison and fines up to $102,072 AUD. Australia’s crypto ATM market has grown significantly, now with over 1,300 machines, positioning the country as a key player globally.