Australia’s National Financial Intelligence Agency has prioritized cryptocurrencies over the next year and announced new measures to crack down on cryptocurrency banking providers that may be in breach of anti-money laundering laws.
In a statement dated 12/6 Brendan Thomas, CEO of the Australian Transaction Reporting and Analysis Center (AUSTRAC), said the government agency will shift its focus to the #cryptocurrency industry in 2025.
#Cryptocurrencies and cryptocurrency banks are attractive money laundering methods for criminals because they are widely available and make irreversible transfers almost instantaneously, he added. This is AUSTRAC’s first step to reduce the criminal use of cryptocurrencies in Australia. In the coming years, we are focusing on this industry.
According to AUSTRAC, the taskforce will focus on ensuring cryptocurrency #ATM operators meet minimum standards to minimize the risk of transferring illicit funds.
The leading cryptocurrency ATM providers in Australia include Coinflip with 680 ATMs, 465 Localcoins and 75 Cryptolink.
In addition, if you deposit or withdraw cash in excess of 66,500 (AU$10,000), you must report suspicious activity and submit a transaction report with a threshold.
According to Thomas, any transaction that violates the law risks significant monetary penalties.
As the use of cryptocurrencies increases, so does criminal exploitation, so the Task Force will seek to eliminate high-risk transactions that are not compliant, he added. Penalties for money laundering in Australia include imprisonment for up to 12 years and a fine of up to £102,072 (AU$158,400) or both.
If the amount laundered exceeds $644,400 (AU$100 million), it will result in up to 25 years in prison and fines of $214,585 (AU$333,000) or both.
And cryptocurrencies. Coin ATM radar data shows more than 1,302 ATMs in 2022, but only 8 out of 67.
AUSTRAC reported that 400 digital currency exchanges are registered in the country, but only a small number of crypto banks are using them.
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