Catenaa, Friday, April 04, 2025-Australia’s financial intelligence agency AUSTRAC has placed crypto ATM providers “on notice,” warning them over missing anti-money laundering (AML) checks and potential links to criminal activity.
In a statement released Monday, AUSTRAC highlighted concerning trends in suspicious transactions, including those potentially tied to scams and fraud. The warning follows months of investigation by an internal task force focused on combating AML violations in crypto ATMs.
AUSTRAC CEO Brendan Thomas said the agency has been engaging with businesses to ensure compliance. “We want to ensure crypto ATM providers have robust practices to minimize risks,” he said, adding that firms failing to meet regulatory standards could face enforcement action.
Australia currently has around 1,600 crypto ATMs—the highest number in the Asia-Pacific region. The number has surged since 2019, when only 23 were operational nationwide. Exchanges have contributed to this growth by installing ATMs that allow customers to buy Bitcoin with cash.
The compliance push comes amid wider crackdowns on financial crimes. AUSTRAC has already targeted 13 digital currency exchanges for AML breaches, while the Australian Securities and Investments Commission has shut down over 5,500 fraudulent investment sites since 2023.
