AUSTRAC has fined crypto ATM operator CryptoLink AU$56,340 due to late reporting of large cash transactions and significant anti-money laundering policy weaknesses. The regulatory body requires CryptoLink to improve its risk assessments and AML controls, highlighting the growing concern over crypto ATMs as potential channels for money laundering in Australia. CryptoLink has cooperated and fully paid the fine, while AUSTRAC continues efforts to protect the sector from criminal exploitation.
Continue to read AUSTRAC Imposes AU$56,340 Penalty on CryptoLink for Delayed Reporting and AML Failures
AUSTRAC has fined crypto ATM operator CryptoLink AU$56,340 due to late reporting of large cash transactions and significant anti-money laundering policy weaknesses. The regulatory body requires CryptoLink to improve its risk assessments and AML controls, highlighting the growing concern over crypto ATMs as potential channels for money laundering in Australia. CryptoLink has cooperated and fully paid the fine, while AUSTRAC continues efforts to protect the sector from criminal exploitation.
Continue to read AUSTRAC Imposes AU$56,340 Penalty on CryptoLink for Delayed Reporting and AML Failures
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