Cryptomat operators should publish warnings about possible fraud with digital assets, as well as conduct more thorough customer checks and transaction monitoring in order to track suspicious activity. New requirements are aimed at preventing fraud and compliance with the rules for combating money laundering (Aml).
The regulator published these rules after the Austrac working group has analyzed the use of cryptoomats in the country. The target group studied the data collected from nine cryptomat operators, and found that most devices users are over 50 years old. They account for almost 72% of all transactions in monetary terms, and for older people aged 60–70 years this figure is 29%.
In addition, Austrac refused to extend the registration of the Harro’s Empires cryptor operator, explaining this with the risks of the unlawful use of the company’s devices. The agency warned that other providers of the exchange of digital currencies that do not fulfill their obligations in accordance with the laws on the fight against money laundering and the financing of terrorism may encounter similar consequences. Failure to comply with these laws can lead to judicial persecution, Austrac said.
In April, the Australian regulator announced the conduct of mass checks of cryptomats, due to the rapid increase in the number of these devices in the country. In May, Austrac fined the local CointRe cryptocurrency for $ 75,000 for non -compliance with the deadline for reporting on suspicious transactions (SMR).
Source: Bits
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