Australia’s financial intelligence agency, AUSTRAC, has raised concerns about the compliance of crypto ATM providers with anti-money laundering and counter-terrorism financing (AML/CTF) regulations. A taskforce identified that some providers may not have the necessary AML/CTF checks in place. Crypto ATM operators are required to register with the regulator, monitor transactions, and conduct know-your-customer checks to adhere to the country’s AML/CTF Act 2006. Australia leads the Asia Pacific region with the highest number of crypto ATMs, currently standing at 1,600. This number has surged from just 23 in 2019. The taskforce also noted suspicious activities, including transactions potentially linked to scams or fraud.
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