Core Viewpoint - AUSTRAC is intensifying regulatory actions against the crypto ATM sector, exemplified by the fine imposed on Cryptolink for compliance failures in anti-money laundering and counter-terrorism financing [1][2][3] Regulatory Actions - AUSTRAC has fined Cryptolink 56,340 Australian dollars ($37,000) due to identified weaknesses in its AML/CTF compliance [1] - The agency has mandated Cryptolink to engage third-party auditors to ensure all required transactions are reported and that effective controls for large cash transactions are in place [2] Industry Context - The enforcement actions follow the Australian government's proposal to grant AUSTRAC new powers to combat illicit activities associated with crypto ATMs [3] - AUSTRAC's Crypto Taskforce estimates that 85% of transactions by the 90 most prolific users of crypto ATMs are linked to scams and other illegal activities [3] Operational Insights - Crypto ATMs facilitate the purchase of cryptocurrency using cash or bank cards, but they are often exploited by scammers [4] - There are currently 2,024 crypto ATMs in Australia, a slight decrease from approximately 2,100 earlier in the month, indicating potential effectiveness of AUSTRAC's new powers [5]