Australia’s Fight Against Crypto ATMs: AUSTRAC Fined Cryptolink $56.3K
Australia’s Fight Against Crypto ATMs: AUSTRAC Fined Cryptolink $56.3K after reporting violations were identified and weak ML/TF risk assessments.
More on the New Precedent in Austrac’s Fight Against Crypto ATMs
The enforcement action we are observing resulted from the consistent work of AUSTRAC’s Crypto Taskforce, which identified late reporting of large cash transactions and weak assessments of money laundering and terrorism financing risks. AUSTRAC head Brendan Thomas explained that the package of measures is intended to prevent the loss of useful intelligence due to process gaps:
“The infringement notice addresses previous non-compliance around reporting, and the enforceable undertaking seeks assurance that Cryptolink has…
