The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued an infringement notice of $56,340 to crypto ATM operator Cryptolink. The regulator also accepted the operator’s court-enforceable undertaking to address the company’s deficiencies in anti-money laundering (AML) and countering the financing of terrorism (CFT) measures.

According to a media release, the enforcement action stems from findings by AUSTRAC’s Crypto Taskforce, which identified issues related to Cryptolink’s late reporting of large cash transactions and inadequate risk assessments for money laundering and terrorism financing.

AUSTRAC CEO Brendan Thomas stated that the infringement notice aims to address prior noncompliance with reporting requirements, while the enforceable undertaking is intended to ensure that Cryptolink enhances its risk assessments and strengthens its overall AML/CTF controls.

“Crypto ATMs represent one of the highest-risk channels for money laundering in Australia,” Thomas said, emphasizing that these ATMs are currently exploited by criminals to launder money and transfer proceeds from scams. He affirmed the seriousness of these findings, backed by observations from the Crypto Taskforce and collaborations with law enforcement.

As part of the enforceable undertaking, Cryptolink is required to engage third-party reviewers to validate the reporting of all necessary threshold transactions to AUSTRAC. The reviewers are expected to assess the effectiveness of controls related to large cash transactions.

Cryptolink is expected to provide AUSTRAC with a written report on the actions it has taken to address findings, including the remedial or uplift actions identified by March 13, 2026. Meanwhile, the AUSTRAC CEO’s acceptance of this enforceable undertaking has no bearing on the regulator’s right to take further action related to any future contraventions by Cryptolink.

While Cryptolink acknowledged the notice and paid the fine promptly, according to AUSTRAC, this does not constitute an admission of liability on the ATM operator’s part.

The Australian regulator’s enforcement action follows an intensive engagement with cryptocurrency ATM operators since late 2024. Findings from AUSTRAC’s Crypto Taskforce revealed that 85% of transactions carried out by the 90 most frequent crypto ATM users were associated with scams and money mule activities.

“Scams drive a significant amount of suspicious activity. Criminals are increasingly using crypto ATMs to manipulate and cash out stolen funds,” Thomas added. He cited a recent report by the Australian Institute of Criminology, which indicated that more than 40% of cybercrime victims are revictimized, often within a matter of months.

The second phase of the Crypto Taskforce is focused on high-risk operations. The AUSTRAC boss stressed the need for all operators in the digital currency sector to take these issues seriously.

“Criminals don’t care how they hurt people; they care about making money,” Thomas said. “We want to collaborate with digital currency exchanges to fortify the sector against exploitation. However, if operators fail to heed these warnings, we will be compelled to take further action.”

• Why did AUSTRAC take action against Cryptolink in Australia? AUSTRAC took action due to Cryptolink’s late reporting of large cash transactions and weak anti-money laundering and counterterrorism financing controls in the Australian market.
• How much was Cryptolink fined by the Australian regulator? Cryptolink was issued an infringement notice of $56,340 by the Australian Transaction Reports and Analysis Centre.
• What is the main money laundering risk AUSTRAC identified in Australia? AUSTRAC CEO Brendan Thomas stated that crypto ATMs are currently one of the highest-risk channels for money laundering in Australia, exploited for scams and criminal proceeds.
• What must Cryptolink do to improve compliance in Australia? Cryptolink must engage third-party reviewers to validate transaction reporting, assess cash transaction controls, and review its risk assessment to satisfy AUSTRAC’s court-enforceable undertaking.

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