Australia will crack down on cryptocurrency ATM providers due to money laundering risks

2024-12-06 09:59:43

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ChainCatcher news, Australia's national financial intelligence agency has listed cryptocurrency as a priority for the coming year and is establishing a new working group to crack down on cryptocurrency ATM providers that may violate anti-money laundering laws.

In a statement on December 6, AUSTRAC CEO Brendan Thomas said the government agency will shift its focus to the cryptocurrency industry in 2025. He stated, "Cryptocurrency and crypto ATMs are enticing avenues for criminals to launder money because they are easily accessible and allow for near-instant and irreversible transfers. This is the first step AUSTRAC is taking to reduce cryptocurrency crime in Australia. Next year, we will focus on this industry."

According to AUSTRAC, the working group will focus on ensuring that crypto ATM operators meet minimum standards to minimize the risk of illegal cash being funneled through the machines. Leading cryptocurrency ATM providers in Australia include Coinflip, which has 680 ATMs; Localcoin, with 465 ATMs; and Cryptolink, with 75 ATMs.

Crypto ATM operators have been required to register with AUSTRAC, conduct transaction monitoring, and perform Know Your Customer (KYC) information checks on users.

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