Australia warns providers at CRIPTO ATMs due to money laundering

The CRIPTO ATM providers received a warning from the Australian Transaction Report and the Center for Analysis that those who do not fully adhere to the money laundering rules will face legal action.

As per 31. Marta for the public statementThe AUSTRAC Working Group for Cryptocurnost emphasized signs of suspicious transactions and fraud, raising concerns due to the growing number of cryptic ATMs. Since December, the working group works with companies to check whether the AML and the rules of financing against terrorism are followed.

AUSTRAC CEO Brendan Thomas issued a warning, saying that although the Agency helps improve compliance, those who do not adhere to the monitoring regulations and financing regulations in relation to financing and against terrorism will be subject to consequences.

“We will continue to work with the industry to increase standards, but we will also take actions against the operators that are not respected.”

– Brendan Thomas, General Manager Austral

Australia now has the largest market in the Asia-Pacific region, with about 1,648 ATMs for cryptocurrency, compared to only 2319 and 60 in 2022. Years. It’s only 348 machines in Sydney. Most accept cash deposits for Bitcoin (Btc) Shopping, which increases the possibility for criminals to use them to transfer illegal funds.

According to the Australian, some Australians lost all life savings as a result of the abuse of cryptocurrency ATMs cheat and fraud.

CRIPTO ATM operators are required to register in Australia and adhere to the AML / CTF regulations, which include transaction monitoring, certification verification of customer identity and reporting suspicious activities. The Austhac warned that non-compliant Companies can be subject to steep fines and promised to enhance execution.

This shoot coincides with slowing down the Global CRIPTO ATM market due to regulatory pressures. ATM Radar is the latest report It shows that over 1,000 Bitcoin ATMs were extracted in Global in February. The total number decreased by 2.062 from the end of 2022. Years.

With more than 78% cryptic ATMs in work, the United States runs a Global Market CRIPTO ATM, and then Canada with 9.2%. Australia and Europe make each other than 4% of the global network.