Australian Transaction Reports and Analysis Centre shares phase one Cryptocurrency Taskforce findings on crypto ATMs and runs second Fintel Alliance week of action

The Australian Transaction Reports and Analysis Centre (AUSTRAC) outlined progress on two financial crime initiatives, publishing phase one findings from its Cryptocurrency Taskforce on crypto ATMs and describing a second Fintel Alliance “week of action” using joint analytics to detect and disrupt criminal financial flows. The Cryptocurrency Taskforce reported that customers aged 60–70 were the most prolific crypto ATM users, accounting for 29% of transactions by value. Focusing on the largest transactions, AUSTRAC and law enforcement partners found that most prolific users were predominantly scam victims, money mules or suspected offenders. The taskforce was established in response to the growing crypto ATM sector to examine money laundering links and whether operators are managing risks that the machines are being used for scams and to launder proceeds of crime, alongside AUSTRAC’s recently imposed minimum standards. The Fintel Alliance operation involved financial analysts from five banking partners and law enforcement subject matter experts working in the Collaborative Analytics Hub in Sydney and Melbourne for three days on a large dataset of cash transactions shared under legislated provisions, identifying unusual patterns, people and networks intended to inform law enforcement referrals and future advice to industry. The update notes that next steps for the Cryptocurrency Taskforce were discussed with the Minister for Home Affairs and that outcomes from the week of action, as well as plans to expand the alliance, are expected to be taken forward.