AUSTRAC imposes a $3,250 cash limit on deposits and withdrawals at crypto ATMs
The post AUSTRAC imposes a $3,250 cash limit on deposits and withdrawals at crypto ATMs appeared on BitcoinEthereumNews.com. Australia’s financial intelligence agency has imposed new limits on cryptocurrency ATMs in a sweeping move to combat fraud and protect consumers. The Australian Transaction Reports and Analysis Centre (AUSTRAC) now requires all cash-based crypto transactions via ATMs to be capped at roughly USD 3,250 per transaction. This is just one part of the government’s crackdown on financial crime and scam activities that are now taking full advantage of cryptocurrency kiosks all over Australia. AUSTRAC CEO Brendan Thomas said crypto ATMs are increasingly being used for financial fraud. In response, AUSTRAC set a new transaction limit and refused to renew the license of one ATM operator for failing to report transaction volumes and comply with AML/CTF laws. In addition to the limit, AUSTRAC announced tougher compliance rules. These would include the need for greater customer identity verification, compulsory scam warnings on cash machine screens, and enhanced transaction monitoring systems. The new regulations apply to all registered DCEs running crypto ATMs, with AUSTRAC urging similar limits for all cash-for-crypto services. Australia sees rapid growth in crypto ATMs Over the past seven years, the number of crypto ATMs in Australia has risen sharply. AUSTRAC reveals that over 1,800 of these machines are in operation, a steep jump from the 23 bank machines in 2019. This accelerated expansion has established Australia as the third biggest market for crypto kiosks worldwide after the United States of America and Canada. But the boom has also raised grave concerns. Many of the transactions performed on these ATMs are related to criminal activities. Enforcement agencies have found that various scammers are increasingly using the machines, including those operating romance and fake investment schemes and remote access fraud — offenses that frequently victimize older Australians. Austrac’s data analysis shows those aged 50-plus are particularly susceptible, making up 72% of all transactions…
The post AUSTRAC imposes a $3,250 cash limit on deposits and withdrawals at crypto ATMs appeared on BitcoinEthereumNews.com.
Australia’s financial intelligence agency has imposed new limits on cryptocurrency ATMs in a sweeping move to combat fraud and protect consumers. The Australian Transaction Reports and Analysis Centre (AUSTRAC) now requires all cash-based crypto transactions via ATMs to be capped at roughly USD 3,250 per transaction. This is just one part of the government’s crackdown on financial crime and scam activities that are now taking full advantage of cryptocurrency kiosks all over Australia. AUSTRAC CEO Brendan Thomas said crypto ATMs are increasingly being used for financial fraud. In response, AUSTRAC set a new transaction limit and refused to renew the license of one ATM operator for failing to report transaction volumes and comply with AML/CTF laws. In addition to the limit, AUSTRAC announced tougher compliance rules. These would include the need for greater customer identity verification, compulsory scam warnings on cash machine screens, and enhanced transaction monitoring systems. The new regulations apply to all registered DCEs running crypto ATMs, with AUSTRAC urging similar limits for all cash-for-crypto services. Australia sees rapid growth in crypto ATMs Over the past seven years, the number of crypto ATMs in Australia has risen sharply. AUSTRAC reveals that over 1,800 of these machines are in operation, a steep jump from the 23 bank machines in 2019. This accelerated expansion has established Australia as the third biggest market for crypto kiosks worldwide after the United States of America and Canada. But the boom has also raised grave concerns. Many of the transactions performed on these ATMs are related to criminal activities. Enforcement agencies have found that various scammers are increasingly using the machines, including those operating romance and fake investment schemes and remote access fraud — offenses that frequently victimize older Australians. Austrac’s data analysis shows those aged 50-plus are particularly susceptible, making up 72% of all transactions…
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