The Australian Transaction Reports and Analysis Centre (AUSTRAC) reported that analysis by its Cryptocurrency Taskforce of the highest-value crypto ATM users in each state led to referrals to law enforcement and a coordinated national operation, resulting in police contacting 90 individuals linked to suspected illicit crypto ATM activity. The majority were identified as scam victims or money mules coerced into moving dirty money through crypto ATMs, with some other users still subject to ongoing investigation. The operation, led by New South Wales Police with support from AUSTRAC and the Australia-New Zealand Crypto Practitioners Working Group, drew on profiling that analysts believed could be linked to scams or fraud. AUSTRAC said the work indicated many top transactions involved illegal activity and highlighted cases including a woman in her 70s who deposited more than $430,000 into crypto ATMs after romance and investment scams, and another who lost over $200,000 after responding to what appeared to be a legitimate investment advertisement. The Australian Federal Police-led Joint Policing Cybercrime Coordination Centre is coordinating a national prevention and education campaign. The update also noted AUSTRAC’s recently announced minimum standards for crypto ATM providers, including a $5,000 limit on cash deposits and withdrawals, enhanced customer due diligence, mandatory scam warnings, and improved transaction monitoring.

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