Australia's AUSTRAC Fines Cryptolink as Part of Crypto ATM Crackdown
Australia's financial intelligence agency, AUSTRAC, fined Cryptolink A$56,340 for weaknesses in its AML/CTF compliance related to crypto ATMs.Summary
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has fined crypto ATM provider Cryptolink A$56,340 ($37,000) due to identified weaknesses in its anti-money laundering and counter-terrorism financing (AML/CTF) compliance. Specifically, AUSTRAC found issues with the late reporting of large cash transactions. As a result, Cryptolink must adhere to an enforceable undertaking requiring third-party audits to validate transaction reporting, assess control effectiveness for large cash transactions, and ensure its AML/CTF processes are fit for purpose. This action occurs as the Australian government proposes granting AUSTRAC new powers to combat illicit activity via crypto ATMs, which a recent AUSTRAC Crypto Taskforce estimated sees 85% of transactions by prolific users stemming from scams.
(Source：CoinDesk)