Austrac – Australian Center for Transactions Analysis and Reports – requires a maximum limit for deposit and cash withdrawal of $ 5,000 AUD, as well as procedures promoting to verify the identity of customers, while obliging to issue warnings on fraud practices, as well as other measures.
Australian Austrac has imposed the fight against financial crimes – new regulatory procedures for operators of automatic distributors of digital currencies at the country level and the climbing of anxiety concerning carbto fraud. Last Tuesday, the organizational authority announced its refusal to renew the license of a local operator for automatic exchange machines, we hear the Harro Empires, and it was imposed on computer operating conditions, in particular the fixing of compulsory limits for transactions.
The announcement of the Commission said: “These conditions arise after a work team from Austrac has revealed worrying guidelines linked to the extent of the operators’ commitment to these machines to fraud in regulatory law, as well as more precise surveillance requirements.
The Commission added: “In the light of risks and damage caused, we note that it is very necessary to ensure the commitment of this sector to the minimum standards required and to reduce the use of automatic ticket distributors for digital currencies in criminal activities.”
The number of automatic exchange machines for Cripto has multiplied 15 times in two years
According to ATM Radar Coin data, there are now about 1,824 automatic exchange machines for digital currencies in Australia, the majority of which are concentrated in Sydney.
While the National Financial Intelligence Agency said that the number of automatic exchange machines for Cripto in Australia reached 23 machines in 2019, but it reached 60 ATM in 2022, then to jump recently, exceeding 1,200 machines in 2024.
The agency said in its declaration, saying: “In just two years, the number of automatic exchange machines for Cripto has increased in Australia, more than 15 times.”
In addition, Austrac provides that around 150,000 transactions will be carried out each year using these machines, with a total value of 275 million Australian dollars (equivalent to $ 178 million); She added that around 99% of these transactions are cash deposits to buy digital currencies, the majority of which are devoted to the purchase of Bitcoin-BTC, Ethereum and Tether.
“I would like to be alerted anyone who is invited to use one of these machines in order to send money to another to stop and think carefully, it is almost impossible for the authorities to restore these funds by simply sending them,” he added, adding that the agency will continue to monitor this sector closely and will take additional measures if necessary.
Ostrak’s team reveals “disturbing directions”
According to Thomas previous, the Australian team revealed “worrying trends” after following customer activities for several months. He said: “It is surprising to determine the age groups between 60 and 70 years as one of the most used groups of these machines in Australia”, explaining that it represents 29% of the total value of transactions.
After examining the data of 9 of “crapeto” service providers, it was found that the majority of users had exceeded the age of 50 and constitute around 72% of the total value of all transactions.
In this context, the 5,000 AUD clouds and deposit limits will be applied to current operators for automatic CRIPTO exchange machines; Austrac plans to apply similar restrictions on digital currency trading platforms if they accept cash assets to facilitate CRIPTO transactions. On this subject, Thomas explained that “this procedure will help reduce their exposure to the risk of money laundering, terrorist funding and other serious crimes”.
In addition, the coordination of coordination of the coordination of the police of the Australian police (JPC3) of the Australian police has prepared educational material for users, and these notifications will be placed near mechanical exchange kiosks to clarify their work mechanisms, as well as warnings of fraud practices, and how to point out any suspicious activity.
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