Australian regulatory authorities warn of money laundering and fraud risks in cryptocurrency ATMs

Odaily Planet Daily News: The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued a warning to cryptocurrency ATM operators, stating that such devices may be used for money laundering and fraud activities. AUSTRAC CEO Brendan Thomas stated that it is necessary to ensure that cryptocurrency ATM operators establish sound risk prevention mechanisms. According to Coin ATM Radar data, Australia currently has 1648 cryptocurrency ATMs, the most in the Asia Pacific region, with 348 in Sydney, a significant increase from 23 in 2019. According to the Australian Anti Money Laundering and Counter Terrorist Financing Act, all digital currency exchanges (including cryptocurrency ATM operators) must register with AUSTRAC, perform KYC checks, monitor transactions, and report cash transactions exceeding AUD 10000. （decrypt）