The Australian Transaction Reports and Analysis Centre (AUSTRAC) issued Cryptolink with an AUD 56,340 infringement notice and accepted a court-enforceable undertaking to address anti-money laundering and counter-terrorism financing (AML/CTF) shortcomings. The action follows AUSTRAC’s Crypto Taskforce identifying late reporting of large cash transactions and weaknesses in the company’s money laundering and terrorism financing risk assessments. Under the undertaking, Cryptolink must engage independent third-party reviewers to validate that all required threshold transaction reporting has been completed, assess whether controls for large cash transactions are effective, and review whether the business’s money laundering and terrorism financing risk assessment is fit for purpose. Cryptolink cooperated with AUSTRAC and paid the infringement notice in full, with AUSTRAC noting that payment of an infringement notice is not an admission of liability. AUSTRAC linked the enforcement to its intensive engagement with crypto ATM operators since late 2024 and highlighted Crypto Taskforce estimates, developed with law enforcement partners, that 85% of transactions made by the 90 most prolific crypto ATM users were proceeds of scams and money mule activity. The Crypto Taskforce’s second stage is focused on high-risk operations, with AUSTRAC signalling further action if operators do not strengthen controls.
Australian Transaction Reports and Analysis Centre (AUSTRAC) 2025-10-30
Australian Transaction Reports and Analysis Centre issues AUD 56,340 infringement notice and enforceable undertaking to Cryptolink over crypto ATM AML/CTF deficiencies
AUSTRAC issued Cryptolink an AUD 56,340 infringement notice and accepted a court-enforceable undertaking to address anti-money laundering and counter-terrorism financing deficiencies. Following AUSTRAC’s findings of reporting delays and inadequate risk assessments, Cryptolink must engage independent reviewers for compliance. AUSTRAC's efforts with crypto ATM operators continue, noting 85% of top user transactions were linked to scams and money mule activities. Further actions are anticipated if controls are not improved.