Policy, Australia, Crypto, Crypto ATMs Australia has the very best variety of crypto ATMs within the Asia Pacific area.
AUSTRAC, Australia’s anti-money laundering watchdog, put crypto ATM suppliers on discover for not complying with required requirements.
“AUSTRAC’s cryptocurrency taskforce has found that some crypto ATM providers may not have the right anti-money laundering and counter-terrorism (AML/CTF) checks in place,” the monetary intelligence company mentioned in a release on Monday.
Crypto ATM suppliers have to register with the regulator, monitor transactions and full know your buyer checks to adjust to the nation’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006.
Australia has the very best numbers of crypto ATMs within the Asia Pacific area, and the quantity is rising. The nation has some 1,600 in use, up from simply 23 in 2019, AUSTRAC mentioned.
A activity drive arrange in December “recognized worrying traits and indicators of suspicious exercise, together with transactions which may be linked to scams or fraud,” CEO Brendan Thomas mentioned.
The watchdog has been following within the footsteps of U.Ok. regulators in making an attempt to clamp down on unlawful crypto ATM exercise. In the U.Ok. solely permitted crypto ATMS can function, and none have been. The Financial Conduct Authority final month secured a four year sentence against Olumide Osunkoya, 46, for illegally working a crypto ATM community.
CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data Read More