AUSTRAC hits crypto ATM firm with fine for AML/CTF failures
Cryptocurrency ATM provider, Cryptolink, has been hit with a $56,340 infringement notice from AUSTRAC related to “deficiencies” in its anti-money laundering and counter-terrorism financing (AML/CTF) risk assessment framework.
AUSTRAC also confirmed it had accepted a court-enforceable undertaking from Cryptolink in relation to its AML/CTF failures, following an investigation conducted by the regulator’s Crypto Taskforce that found the company had reported large cash transactions late.
As part of the enforceable undertaking, Cryptolink is required to engage a third part to:
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validate whether the business has reported all required threshold…
