The Australian Financial Crimes Agency has introduced restrictions on the operation of cryptocurrency ATMs due to the increase in cases of fraud and financial fraud, UNN writes with reference to Bloomberg.
Details
According to data from the Australian Transaction Reports and Analysis Centre (AUSTRAC), the number of cryptocurrency ATMs in the country has increased to more than 500 units, which has contributed to an increase in cases of fraud and financial crimes. In response, AUSTRAC has introduced new restrictions aimed at strengthening control over the operation of such ATMs.
According to the report, the new rules provide for mandatory registration of cryptocurrency ATM operators, stricter requirements for customer identification and reporting of suspicious transactions. These measures are aimed at reducing the risks associated with money laundering and terrorist financing, Bloomberg reports.
Addition
For several years, Australia has been experiencing a boom in the number of crypto ATMs. According to AUSTRAC, there are now more than 1,800 machines in the country, compared to just 23 in 2019. Customers aged 50 and over accounted for nearly 72% of all crypto ATM transactions by value, and those aged 60 to 70 accounted for 29%.
Reference
AUSTRAC (Australian Transaction Reports and Analysis Centre) is Australia's national financial intelligence unit responsible for detecting and preventing financial crime.