‘High-risk product’: Australia to crack down on crypto ATMs
Paedophiles, drug dealers, organised crime associates and scam artists are pumping millions of dollars into crypto ATMs in Australia prompting a tough new crackdown on money laundering.
Home Affairs Minister Tony Burke revealed on Thursday that the number of crypto ATMs have grown rapidly in Australia and that overseas students were being exploited to launder cash.
Under the changes, banks will be granted new access to immigration data to track suspected “mule” accounts being misused by organised crime after overseas students return home.
“But at the moment, the banks, if they think there’s something suspicious, don’t have access to the immigration data to work out if this account that is behaving quite differently belongs to…
