Odaily Planet Daily News The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued a warning to cryptocurrency ATM operators, saying that such devices may be used for money laundering and fraud. AUSTRAC CEO Brendan Thomas said that it is necessary to ensure that cryptocurrency ATM operators have a sound risk prevention mechanism. According to Coin ATM Radar data, Australia currently has 1,648 cryptocurrency ATMs, the most in the Asia-Pacific region, of which Sydney has 348, a significant increase from 23 in 2019. Under Australia's Anti-Money Laundering and Counter-Terrorism Financing Act, all digital currency exchanges (including cryptocurrency ATM operators) must register with AUSTRAC, perform KYC checks, monitor transactions, and report cash transactions over A$10,000. (decrypt)