Proposed powers for AUSTRAC to target ‘high-risk’ crypto ATMs
The Federal Government has signalled its renewed crackdown on high-risk products and services such as cryptocurrency ATMs by moving to equip AUSTRAC with extended enforcement powers.
The amended powers would provide AUSTRAC with further enforcement options to “reduce money laundering risks associated with high-risk products, [services and delivery channels]”.
According to the legislation proposed by Minister for Home Affairs, Tony Burke, the powers would be channeled through AUSTRAC chief executive, Brendan Thomas.
Thomas said AUSTRAC’s own Crypto Taskforce believes there to be approximately $275 million laundered through crypto ATMs…
