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Australia’s Financial Intelligence Agency Austrack has warned the Crypto ATM operators to help the missing-laundering check and help criminals in looting money.
One in Statements issued on MondayAML Watchdog highlighted the “worrying trends” of suspicious activities and transactions.
This notice comes after months after a panel of experts in Austrac Internal workforce to address AML And issues of terrorism financing using Crypto ATM. The taskforce consists of members of the Watchdog regulator, enforcement and intelligence areas.
Austrac CEO Brendon Thomas said that the panel is busy “attached to businesses” to understand and address them with compliance.
“It is identified with anxious trends and indicators of suspicious activity, including transactions that may be associated with scam or fraud.”
Australia hosts around 1,600 crypto ATMs, numbers since 2019
According to Austrac estimates, around 1,600 crypto ATMs are in use across the country. “Asia has the highest number of Crypto ATMs in the Asia Pacific region in Australia,” the statement said.
In 2019, Australia hosted only 23 Crypto ATMs nationwide, which increased to 60 in 2022. In the last three years, the number of bitcoin ATMs “has increased rapidly,” it has been added.
Additionally, the Crypto exchange is regularly installed ATMs, which are used by customers to deposit cash and buy bitcoins.
CEO Thomas said, “We want to ensure that Crypto ATM providers have strong practices to reduce the risk that their machines can be used to rob dirty money or to cheat scams and innocent people.”
He further stated that Austrac will take action against operators who do not follow the law.
Austrak Crypto compliance works towards push
AML regulator is already Targeted 13 remittance and digital money exchange provider Due to lack of compliance. In addition, the agency has been told that some face punishment, security or fee for serious crimes.
Meanwhile, the country’s financial regulator ASIC has taken cautious steps to secure Australia’s growing crypto ecosystem. Is agency Help to take down More than 5,500 fraud investment websites from July 2023, over 1,000 fishing links, and 615 crypto scam sites.
In a recent step, Australian Police included an organized crime syndicate Thieves targeting Crypto ATM And Pokémon Collector Card.
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