The Australian Transaction Reports and Analysis Centre (AUSTRAC) reported that the Minister for Home Affairs will seek to legislate a new power enabling the AUSTRAC Chief Executive Officer to restrict or prohibit specified high-risk products, services or delivery channels. The proposed amendment would add an additional tool to address money-laundering risks, with AUSTRAC indicating it would be ready to use the power if Parliament passes the law. AUSTRAC pointed to crypto-related channels as an example of evolving risk, highlighting rapid growth in crypto ATM numbers from 23 machines six years ago to 2,000 now, and estimating almost 150,000 transactions annually involving around AUD 275 million moving through crypto ATMs in Australia each year. It said most high-value crypto ATM transactions were directly linked to scams and money mules, often involving transfers to wallets in high-risk jurisdictions, and that in a sample of 90 prolific users, 85% were scam victims or money mules; users aged 50–70 accounted for almost 72% of transaction value. Further detail on the proposed amendments is expected to be released in due course, with implementation dependent on parliamentary passage.
Australian Transaction Reports and Analysis Centre (AUSTRAC) 2025-10-16
Australian Transaction Reports and Analysis Centre set to gain proposed CEO power to restrict or prohibit high-risk products and delivery channels
AUSTRAC announced plans for legislation allowing its CEO to restrict high-risk products and services to combat money laundering, focusing on crypto channels. Notably, 85% of prolific users were scam victims or money mules, with those aged 50–70 making up 72% of transaction value. Further details depend on parliamentary approval.