AUSTRAC Launches Task Force to Tackle Non-Compliant Crypto ATMs

AUSTRAC has established a cryptocurrency task force to monitor and ensure crypto ATM providers comply with anti-money laundering laws. With the rise in cryptocurrency's misuse for scams, the task force aims to maintain robust practices among exchanges to minimize financial crime risks.

Australia's financial crime watchdog, AUSTRAC, announced on Friday the creation of a specialized cryptocurrency task force. This initiative aims to identify and discipline crypto ATM providers that fail to adhere to the country's stringent anti-money laundering regulations.

AUSTRAC's recent findings have highlighted a surge in the exploitation of cryptocurrencies for illicit activities like money laundering and scams. The task force's mission is to ensure digital currency exchanges with crypto ATM services establish and maintain strong protocols to curb their machines' use in fraudulent activities, as revealed by the agency.

With 1,200 crypto ATMs in operation and about 400 digital currency exchange providers registered, AUSTRAC's CEO Brendan Thomas emphasized the importance of compliance. He noted that cryptocurrencies and ATMs offer criminals an efficient means for laundering money, necessitating strict enforcement of financial penalties for non-compliance.

(With inputs from agencies.)