AUSTRAC is placing a strong focus on cryptocurrency and its potential for illegal activities. To combat this, the agency plans to establish a team to monitor providers of crypto ATM services, who may be violating anti-money laundering regulations.
The CEO of AUSTRAC, Brendan Thomas, announced on December 6 that the agency will prioritize the crypto industry starting in 2025. He expressed concern that the convenience and speed of crypto ATMs make them attractive to criminals seeking to launder money.
This is just the beginning for AUSTRAC’s efforts to crack down on the illicit use of cryptocurrency in Australia. The agency will continue to monitor crypto ATMs as they move into the year 2025. AUSTRAC has warned that those found breaking the rules will face severe financial consequences.
To ensure compliance, the agency has formed a new team that will closely monitor and enforce regulations for crypto ATM operators. Australia’s four largest crypto ATM companies, including Coinflip, Localcoin, Cryptolink, and Nova, will be under scrutiny from AUSTRAC’s new team. These companies collectively operate over 1,200 crypto ATMs across the country.
