TechFlow, October 30 — According to CoinDesk, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has fined cryptocurrency ATM provider Cryptolink 56,340 Australian dollars (approximately 37,000 USD) for "weaknesses" in anti-money laundering and counter-terrorism financing (AML/CTF) compliance, particularly for delayed reporting of large cash transactions.
AUSTRAC has required Cryptolink to hire a third-party auditor to verify the compliance of its transaction reporting and AML/CTF procedures. This enforcement action comes weeks after the Australian government proposed granting AUSTRAC new powers to combat money laundering through crypto ATMs.
The AUSTRAC Crypto Task Force estimates that 85% of transactions by the 90 most active users at crypto ATMs are linked to scams and illicit activities. There are currently 2,024 crypto ATMs in Australia—slightly fewer than at the beginning of this month—suggesting regulatory measures may be starting to take effect.
