In this post:
- Crypto is the top priority for Australian financial intelligence in the coming year.
- A new team is being planned by the agency to keep an eye on crypto ATM service providers.
- According to AUSTRAC, violators may be subject to severe financial penalties.
The primary emphasis of the Australian Transaction Reports and Analysis Centre (AUSTRAC) is cryptocurrency. To keep an eye on cryptocurrency ATM services that might be violating anti-money laundering regulations, the government is trying to assemble a new staff.
AUSTRAC CEO Brendan Thomas announced in a statement on December 6 that the organization will begin concentrating on the cryptocurrency sector in early 2025.
According to him, cryptocurrency and cryptocurrency ATMs are “attractive avenues for criminals looking to launder money” since they are simple to locate and enable speedy, permanent transactions.
This is the first move in AUSTRAC’s efforts to curb illicit cryptocurrency use in Australia. Until 2025, the agency will continue to monitor cryptocurrency ATMs.
According to AUSTRAC, infractions will result in significant financial penalties
According to AUSTRAC CEO Brendan Thomas, a new team will make sure cryptocurrency ATM operators follow regulations meant to lower the possibility of illicit funds passing via their devices.
Coinflip (680 machines), Localcoin (465 machines), Cryptolink (75 machines), and Nova (30 machines) are Australia’s top four cryptocurrency ATM companies.
Crypto ATM owners are already required to register with AUSTRAC, verify the identities of their clients, and keep an eye on transactions. If the amount of money taken out or put in exceeds $6,500 (ten thousand Australian dollars), they also have to notify any suspicious activity.
He went on to say, “Criminal exploitation will rise in tandem with the use of cryptocurrency.” The goal of the new task force will be to eradicate illegal operations that do not follow the law.
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