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Australia's AUSTRAC fined cryptocurrency ATM provider Cryptolink 56,000 AUD.
According to a report from CoinDesk on October 30, the Australian Transaction Reports and Analysis Centre ( AUSTRAC ) has fined the cryptocurrency ATM provider Cryptolink AUD 56,340 ( approximately USD 37,000 ) due to “weaknesses” found in the company's AML/CTF ( compliance, particularly regarding the delayed reporting of large cash transactions.
AUSTRAC requires Cryptolink to hire a third-party auditor to verify whether its transaction reports and AML/CTF processes are in Compliance. This enforcement action comes weeks after the Australian government proposed granting AUSTRAC new powers to combat Money Laundering activities related to Crypto Assets ATMs.
AUSTRAC's cryptocurrency task force estimates that 85% of ATM transactions involving the 90 most active users are related to fraud and illegal activities. Currently, there are 2,024 cryptocurrency ATMs in Australia, a slight decrease from the beginning of the month, indicating that regulatory measures may be starting to take effect.