Crackdown on crypto ATMs to combat money laundering
Australian authorities will soon launch a crackdown on cryptocurrency ATMS in an effort to combat money laundering, terrorism financing and serious crime risks.
The country’s financial crime watchdog, AUSTRAC, estimates 85 per cent of the transactions sent by the top users of crypto ATMs are the proceeds of scams or activities by people, known as money mules, who illegally transfer money on behalf of criminals.
AUSTRAC, working with law enforcement agencies, found that where victims are stopped from transactions by other financial institutions, the criminals then move to crypto ATMs.
It’s estimated 99 per cent of transactions through the machines are cash…
