The Australian financial services industry watchdog, AUSTRAC, has claimed that some crypto ATM providers “may not have the right anti-money laundering and counter-terrorism (AML/CTF) checks in place.” The watchdog’s CEO, Brendan Thomas, said a task force set up to assess the risks associated with crypto ATMs has identified “worrying trends and indicators of suspicious activity,” including fraudulent transactions.

In a March 31 statement, AUSTRAC implied that the growing number of ATMs—from 23 in 2019 to 1,600 in 2025—warrants increased scrutiny. According to the statement, most of the new ATMs are being installed by digital asset exchanges. The vast majority of the transactions involve cash deposits to buy bitcoin ( BTC).

AUSTRAC’s revelation that crypto ATM providers do not have adequate AML and CTF measures came weeks after Thomas announced that crypto entities would be obliged to furnish it with financial transaction information. As reported by Bitcoin.com News, this requirement applied to crypto ATM providers as well.

Explaining AUSTRAC’s decision to heighten its focus on ATM operators, Thomas, who previously vowed to go after entities not meeting their obligations, said:

“We want to ensure crypto ATM providers have robust practices to minimize the risk that their machines can be used to launder dirty money or to scam and defraud innocent people. We will continue to work with industry to raise standards, but we will also take action against operators who don’t comply.”

As previously reported by Bitcoin. com News, AUSTRAC has developed materials to help cryptocurrency exchanges identify financial crime risks. To users, the watchdog urged them to report suspected fraudulent activity or scams involving crypto ATMs to the anti-scam.

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