The Australian government has announced plans to intensify its scrutiny of international students allegedly exploited by criminals to launder money through crypto automated teller machines (ATMs). Under new immigration regulation changes proposed by Home Affairs Minister Tony Burke, banks will gain access to visa data to help identify students suspected of aiding organized crime.

Currently, financial institutions lack visibility into whether international students are still in Australia or have returned to their home countries. By updating the terms and conditions of the Visa Entitlement Verification Online (VEVO) system, the government will now allow banks to verify this information.

“Financial institutions will, as a result of this, be able to access visa information if they believe they’re dealing with a mule account—to determine whether someone has likely left Australia,” Burke stated.

Authorities have raised concerns over the rapid proliferation of crypto ATMs, which have grown from just 23 in 2019 to nearly 2,000 today. Officials attribute this surge to lax anti-money laundering (AML) and counter-terrorism financing (CFT) oversight by some providers, prompting the Australian Transaction Reports and Analysis Centre (AUSTRAC) to increase its monitoring efforts.

Burke reiterated officials’ belief that crypto ATMs are frequently used by scammers, particularly those targeting elderly Australians. “When AUSTRAC looked at the top users—the ones putting the most money into crypto ATMs—85 percent of the funds involved scams or money mules,” he said.

He also revealed that forthcoming legislation will introduce a new regulatory framework for digital asset businesses. The framework will extend existing financial services laws and empower AUSTRAC to restrict or prohibit high-risk products, with crypto ATMs falling squarely into that category.

• Why is the Australian government giving banks access to student visa data? To help banks identify “mule accounts” by verifying if international students suspected of money laundering have already left Australia.
• What is the main concern about crypto ATMs in Australia? Officials note the rapid growth in crypto ATMs—now nearly 2,000—is linked to lax oversight, with AUSTRAC data showing 85% of funds from top users involved scams or money mules.
• What new powers will AUSTRAC have over high-risk products in Australia? Forthcoming legislation will empower AUSTRAC to restrict or prohibit high-risk digital asset products, specifically including crypto ATMs.
• How is Australia fighting the use of student accounts for crime? Australia is updating the VEVO system to allow financial institutions to check the visa status of international students involved in suspicious account activity.

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