The Australian Transaction Reports and Analysis Centre (AUSTRAC) has expressed serious concerns regarding compliance by cryptocurrency kiosk providers with anti-money laundering and counter-terrorism financing (AML/CTF) regulations. The regulator stated that it is taking action against those who fail to meet established requirements.
This is reported by Business • Media
In the past five years, the number of cryptocurrency kiosks in Australia has increased from 23 to 1651, indicating rapid growth in this market segment. In this regard, AUSTRAC announced the establishment of a targeted group for crypto-assets, which began its work in early December 2024. The primary task of the new structure is to conduct a detailed analysis of the activities of cryptocurrency kiosk providers.
Compliance Issues
In a new statement, the regulator noted that the targeted group has identified signs of violations among cryptocurrency kiosk providers, including indications of non-compliance with AML/CTF regulations.
“Worrying trends and signs of suspicious activity have been detected, including transactions that may be linked to fraud,” AUSTRAC’s publication states.
AUSTRAC Chair Brendan Thomas emphasized the importance of ensuring that cryptocurrency kiosk providers implement appropriate measures to reduce the risk of these points being used for money laundering and other illegal activities. He also noted that the regulator is taking action against specific providers but did not disclose any details about the companies under scrutiny.
Cryptocurrency Kiosks in Australia
It has previously been reported that Australia has become one of the leading countries in terms of the number of cryptocurrency kiosks, second only to the USA and Canada. According to Coin ATM Radar, there are currently 1651 cryptocurrency kiosks in the country, confirming the growing popularity of digital currencies in the region.