Australia Warns Crypto ATM Operators Over Failure to Meet Anti-Money Laundering Standards
Australia has the highest number of crypto ATMs in the Asia-Pacific region.
Author: Camomile Shumba | Edited by: Sheldon Reback Mar 31, 2025 11:13 UTC
Important information:
- The AUSTRAC Cryptocurrency Taskforce has found that some cryptocurrency ATM operators may not be carrying out mandatory anti-money laundering and counter-terrorist financing (AML/CTF) checks.
- Crypto ATM operators must register with a regulator, monitor transactions, and conduct know-your-customer checks to comply with regulations.
AUSTRAC, Australia's anti-money laundering agency, has issued a warning to cryptocurrency ATM operators for failing to comply with required regulations.
“AUSTRAC’s Cryptocurrency Taskforce has identified that some cryptocurrency ATM operators may not be carrying out the required AML/CTF checks,” the financial intelligence agency said in a statement on Monday.
Crypto ATM operators are required to register with a regulator, monitor transactions and carry out know-your-customer checks to comply with the Anti-Money Laundering and Counter-Terrorist Financing Act (AML/CTF) 2006.
Australia has the largest number of crypto ATMs in the Asia-Pacific region, and that number continues to grow. There are about 1,600 of them in the country, up from just 23 in 2019, according to AUSTRAC.
The task force, established in December, “identified troubling trends and indicators of suspicious activity, including transactions that may be related to fraud,” said CEO Brendan Thomas.
The watchdog follows the lead of UK regulators in clamping down on illegal crypto ATM operations. Only certified crypto ATMs are allowed to operate in the UK, and none have been approved. Last month, the Financial Conduct Authority secured a four-year prison sentence for 46-year-old Olumide Osunkoyi for illegally operating a crypto ATM network.
