Australia Tightens Control Over Crypto ATMs

AUSTRAC, Australia’s financial intelligence agency, has set up a dedicated unit to track down and penalize crypto ATM operators who breach anti-money laundering laws.

The goal is to prevent crypto ATMs from being used for criminal activity. AUSTRAC says the team will ensure that crypto exchanges running these services comply with minimum security standards.

Under the AML/CTF Act of 2006, crypto exchanges in Australia must register with AUSTRAC, verify customer identities (KYC), monitor transactions, report suspicious activity, and disclose cash transactions over $10,000.

The Australian agency announced the initiative on the social media platform X. AUSTRAC stated that it will take action against crypto ATM providers who don’t comply with anti-money laundering regulations.