Overview

• Home Affairs Minister Tony Burke unveiled draft legislation to empower AUSTRAC’s CEO to restrict or prohibit high‑risk products, explicitly including crypto ATMs.
• The government cites AUSTRAC findings that 99% of crypto ATM transactions are cash deposits and about 85% of top‑user flows are tied to scams or money‑mule activity.
• Australia’s crypto ATM network has grown from 23 in 2019 to roughly 2,000, the highest in the region and third globally, according to the minister.
• Visa Entitlement Verification Online terms will be changed to give banks ongoing access to visa‑status information so they can identify and shut suspected mule accounts.
• AUSTRAC has already imposed A$5,000 cash caps, tougher customer due diligence and minimum standards, and refused at least one operator’s registration, with joint operations identifying victims.