Australia's financial intelligence agency, AUSTRAC, has issued a fine to the cryptocurrency ATM operator Cryptolink for non-compliance with anti-money laundering and counter-terrorism financing (AML/CTF) laws. The action is part of a broader regulatory focus on the digital currency sector, specifically targeting physical access points like crypto ATMs.Regulators have identified significant gaps in the operator's adherence to mandatory customer identification and transaction reporting protocols. This enforcement highlights the increasing global scrutiny on crypto service providers to implement robust compliance frameworks equivalent to those in the traditional financial sector.The move by AUSTRAC serves as a warning to other operators that failure to meet regulatory standards will result in significant penalties. Industry observers note this signals a continuing trend of regulators worldwide demanding greater accountability from businesses that facilitate the exchange between fiat currency and digital assets.
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#AUSTRAC
#Cryptolink
#crypto ATM
#crackdown
#fine
#regulation
#compliance
#Australia
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