The Australian financial intelligence agency (AUSTRAC) has fined CryptoLink 56,340 AUD (37.085 USD) for late reporting of large cash transactions and shortcomings in the anti-money laundering (AML) process. According to AUSTRAC, this action aims to ensure that important financial information is not overlooked and requires CryptoLink to improve its AML/CTF control systems.
AUSTRAC warns that cryptocurrency ATMs are becoming a high-risk money laundering channel in Australia, with over 2,000 machines operating to date. The agency stated that it has uncovered “a fraudulent underground world” related to many kiosks, causing losses to dozens of victims.
CryptoLink has cooperated and fully paid the slashing, and will hire a third party to re-evaluate all transactions and risk control systems. AUSTRAC confirmed it will continue to closely monitor cryptocurrency exchanges to prevent financial crime.
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