AUSTRAC has refused to renew a crypto ATM operator’s registration and placed operating conditions, including transaction limits, on other Australian crypto ATM providers.
The conditions come after an AUSTRAC taskforce flagged worrying trends in crypto ATM compliance.
AUSTRAC has instructed The Ville Resort-Casino in Townsville and Mindil Beach Casino Resort in Darwin to appoint external auditors to assess their AML/CTF compliance.
The actions were taken after AUSTRAC identified potential gaps and deficiencies in AML/CTF controls, risk and oversight.
A 2018 tip off from Luxembourg authorities sparked an investigation into a Queensland man with a history of hacking and led to the restraint of assets totalling $4.5m in today’s market value.
The assets were suspected to be the proceeds of crime and included a waterfront home in Queensland, a black Mercedes Benz and almost 25 bitcoin.
AUSTRAC issued infringement notices of $75,120 to digital currency exchange provider Cointree Pty Ltd for the alleged failure to submit suspicious matter reports (SMRs) to AUSTRAC on time.
AUSTRAC has ordered the appointment of an external auditor to Mercedes Benz Financial Services Australia after raising concerns about the financier’s compliance with the AML/CTF Act.
Among the concerns were serious issues such as assuming most customers were low risk, a lack of systems to identify and escalate suspicious matters, and inadequate transaction monitoring.
AUSTRAC is warning members of the public about a scam involving emails impersonating AUSTRAC officials. These emails claim there is suspicious activity on your account or request business documents. In some cases, they refer to large sums of money or urge urgent action.
These emails are not legitimate and have no connection to AUSTRAC.
What to watch for:
Joint efforts under AUSTRAC’s Fintel Alliance have led to significant law enforcement outcomes, prompting AUSTRAC to expand its successful intelligence partnership.
Fintel Alliance is a world leading public-private partnership where members and law enforcement work together and share data in real time to target serious crime.
About the AUSTRAC Reporting Entity Forum
The AUSTRAC Reporting Entity Forum is a series of webinars where you can hear directly from AUSTRAC about a number of important regulatory and reform-related topics.
At the AUSTRAC Reporting Entity Forum, you will hear about:
AUSTRAC is encouraging inactive digital currency exchange (DCE) businesses to voluntarily withdraw their registrations or risk having it cancelled.
DCEs must be registered with AUSTRAC before they can offer a service to exchange cash for cryptocurrency, or vice versa. This includes cryptocurrency ATM providers.
The government is now operating in accordance with the caretaker conventions, pending the outcome of the 2025 federal election. This is standard practice that begins once an election is called and continues until a new government is formed.