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- Oct 30, 2025 12:02 UTC
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Australia’s Watchdog Fined Cryptolink $37,000 in Crypto ATM Money Laundering
AUSTRAC fines Cryptolink $37,000 after finding serious anti-money laundering and compliance reporting failures.
Cryptolink must hire independent reviewers to fix AML controls and strengthen compliance procedures.
AUSTRAC warns crypto firms to tighten oversight as criminals increasingly exploit digital cash machines.
Australia’s financial watchdog, AUSTRAC, has tightened its grip on the crypto industry once again, this time targeting a crypto ATM operator. The regulator fined Cryptolink $56,340 (around USD 37,000) and imposed strict compliance orders after finding serious lapses in anti-money laundering (AML) and counter-terrorism financing (CTF) reporting.
This move has sent a loud message to the crypto industry that no one is too small to escape scrutiny.
Here’s what actually happened.
AUSTRAC’s Enforcement Action Details
According to AUSTRAC’s Crypto Taskforce, the notice issued on October 30, 2025, addresses multiple failures by Cryptolink relating to delays in reporting transactions exceeding the $10,000 AUD threshold as mandated by Australian law.
These lapses, the agency warned, can create dangerous blind spots for financial intelligence gathering.
AUSTRAC CEO Brendan Thomas said the goal isn’t just to punish but to ensure no vital information “slips through the cracks.” He also noted that crypto ATMs remain one of Australia’s highest money-laundering risks, often used to move scam or illicit funds.
What Cryptolink Must Do Next
Under the court-enforceable undertaking, Cryptolink is now required to hire independent reviewers who will;
- Verify that all threshold transactions have been correctly reported to AUSTRAC
- Assess whether stronger controls for large cash transactions are in place
- Reevaluate its AML and CTF risk framework to ensure it meets regulatory standards
- Also Read :
- Crypto Regulations in Australia 2025
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AUSTRAC Targets Crypto ATMs
Cryptolink runs about 97 crypto ATMs across Australia, allowing people to buy and sell crypto for cash. Regulators say these machines are being misused for scams, fraud, & money laundering, raising serious concerns about their safety.
This action follows months of investigation into crypto ATM networks. AUSTRAC’s task force discovered that 85% of transactions by the top 90 users were tied to scams or money mule activity, a staggering figure highlighting how criminals exploit these machines.
The Australian Institute of Criminology also revealed that over 40% of cybercrime victims get targeted again within months, underscoring the growing threat of repeat scams.
AUSTRAC Sends a Clear Message
Brendan Thomas concluded by urging users to stay cautious and avoid depositing funds into wallets they don’t control.
“Criminals don’t care who they hurt, they care about making money. If operators don’t take this seriously, we will take action.”
We’re determined to make the crypto sector harder for them to exploit.”
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FAQs
AUSTRAC fined Cryptolink for failing to report large crypto transactions and weak anti-money laundering controls under Australian law.
Cryptolink was fined $56,340 for compliance breaches and must now fix its AML and CTF reporting systems under strict supervision.
Yes. AUSTRAC warns crypto ATMs are high-risk for scams and money laundering, often used by criminals to move illicit cash anonymously.
Always use trusted machines, avoid sending crypto to unknown wallets, and double-check transaction details before inserting cash.
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