Australia gree AUSTRAC power wit new crypto ATM rules

Australia Home Affairs Minister Tony Burke don announce new law wey go giv AUSTRAC more power to control crypto ATM dem, dem classify di machines as high-risk things wey get connection to money laundering, scam and child exploitation. Di number of installations don waka from 23 for 2019 go pass 2,000 now, wey dey handle about 150,000 transactions wey worth A$275 million every year. Dis law go allow AUSTRAC to quickly restrict or stop crypto ATM wey no follow rules and make dem do stricter KYC checks, watch transactions well well and betta anti-money laundering (AML) and anti-terror financing (CFT) measures. Di new law need operators to report cash pass A$10,000 and follow A$5,000 limit for deposit and withdrawal, plus better checks and scam warnings. AUSTRAC data show say about 85% users be victims of fraud or forced, with 72% of dem between age 50 to 70. Dem dey expect say di law go pass in next few months, wey show Australia commitment to tighten AML protection and stop financial crime wit better crypto ATM rules.