Australia Warns Crypto ATM Providers About Money Laundering Rules
- AUSTRAC has warned crypto ATM operators to comply with anti-money laundering rules that have been set up to guide the state or face legal actions.
- Australia has the largest crypto ATM market in the Asia-Pacific region, with 1,648 machines, raising concerns about misuse. AUSTRAC is increasing enforcement efforts to ensure compliance.
The Australian financial watchdog has warned crypto ATM operators to follow the anti-money laundering rules in the state or face legal action. This warning came due to the fact that many of these machines may be used by criminals for illegal activities like fraud or money laundering.
AUSTRAC, the Australian Transaction Reports and Analysis Centre, which is the body in charge of all…
