Australia’s financial crime regulator, AUSTRAC, has fined crypto ATM operator Cryptolink $56,340 for failing to report large cash transactions on time. The regulator also ordered the company to improve its anti-money laundering (AML) and counterterrorism financing (CTF) controls.

AUSTRAC’s Crypto Taskforce identified weaknesses in Cryptolink’s risk assessments and reporting controls, raising concerns about the misuse of crypto ATMs by criminals.

According to AUSTRAC CEO Brendan Thomas, crypto ATMs remain one of the highest-risk channels for money laundering in Australia, often…