CANBERRA, Dec. 6 (Xinhua) -- Australian authorities have launched a crackdown on money laundering and financial crimes using cryptocurrency ATMs.
The Australian Transaction Reports and Analysis Centre (AUSTRAC), the country's financial intelligence agency, on Friday said it has established a new taskforce to ensure digital currency exchanges (DCEs) that provide cryptocurrency ATM services comply with anti-money laundering laws.
Under Australian laws, DCEs must register with AUSTRAC and undertake transaction monitoring, report suspicious activity, submit reports for cash transactions worth 10,000 Australian dollars (6,454.1 U.S. dollars) or more and complete information checks on customers.
AUSTRAC said its intelligence shows cryptocurrency is increasingly being exploited for money laundering, scams and money mule activities.
"Cryptocurrency and crypto ATMs are attractive avenues for criminals looking to launder money, as they are widely accessible and make near-instant and irreversible transfers," AUSTRAC chief executive Brendan Thomas said in a statement.
"As the use of cryptocurrency increases, so too will criminal exploitation, which is why this taskforce will work to eliminate non-compliant high risk operations."
He said it represents the first step in a year-long focus on reducing the criminal use of cryptocurrency in Australia.
The number of operating cryptocurrency ATMs in Australia has increased from around 200 at the start of 2023 to 1,200 currently, which AUSTRAC says is the third-most in any country globally. ■
