CoinVoice has recently learned that 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.
Brendan Thomas, CEO of the Australian Transaction Reports and Analysis Centre (AUSTRAC), stated in a declaration on December 6 that the government agency will turn its focus to the cryptocurrency industry by 2025. He stated: “Cryptocurrency and cryptocurrency ATMs are enticing avenues for criminals to launder money because they are easily accessible and can facilitate near-instant and irreversible transfers. This is AUSTRAC's first step towards reducing cryptocurrency crime in Australia. Next year, we will focus on this industry.”
According to AUSTRAC, the working group will focus on ensuring that cryptocurrency ATM operators meet minimum standards to minimize the risk of illegal cash being processed through the machines. Australia’s leading cryptocurrency ATM providers include Coinflip, which has 680 machines; Localcoin, which has 465 machines; and Cryptolink, which has 75 machines.
Cryptocurrency ATM operators have been asked to register with AUSTRAC, conduct transaction monitoring, and carry out Know Your Customer (KYC) checks on users. [Original link]