Austrac, the Guardian dog against Australian money laundering, put cryptographic automatic ATM suppliers on notice for not complying with the required standards.
“The Austrac cryptocurrency work group has discovered that some cryptographic automatic ATM suppliers may not have correct controls against money laundering and contributing (AML/CTF) instead,” said the financial intelligence agency in a statement on Monday.
Cryptographic automatic ATM suppliers must be registered in the regulator, monitor transactions and complete their customers’ checks to comply with the Delina Washing Financing Law and terrorism (AML/CTF) of the 2006 country.
Australia has the largest number of cryptographic automatic ATMs in the Asia Pacific region, and the number is growing. The nation has about 1,600 in use, compared to only 23 in 2019, said Austrac.
A working group established in December “identified worrying trends and indicators of suspicious activities, including transactions that may be linked to scams or fraud,” said CEO Brendan Thomas.
The Guardian dog has been following in the footsteps of the United Kingdom regulators trying to review the illegal ATM crypto activity. In the United Kingdom, only approved encryption cashiers can work, and none has been. The Financial Behavior Authority last month obtained a four -year sentence against Olumide Osokoya, 46, for illegally operating a network of ATMs.
