Australia is tightening its grip on cryptocurrency financial crime with the launch of a new task force targeting crypto ATM providers.
AUSTRAC, the country’s financial intelligence agency, is leading this effort, focusing on ensuring strict compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
With over 1,308 cryptocurrency ATMs operating across Australia, the machines have become a popular way for people to buy and sell digital currencies (Source: CoinATMRadar).
However, criminals are increasingly exploiting them for money laundering and scams. Cryptocurrency transactions are often anonymous, making it difficult to trace illegal activities. This has raised concerns about the machines being used to clean “dirty money” derived from criminal operations.
