The regulator to fight money laundering in Australia, Austrac, has promulgated a series of measures for cryptographic gam suppliers to suppress crooks using the devices to target the elderly.
Austrac puts a limit of $ 5,000 on cryptographic atmptographic cash deposits and withdrawals, forcing operators to improve their reasonable diligence obligations of customers, include scam warnings and monitor transactions, CEO Brendan Thomas said on Monday.
The answer follows the data that showed that automatic ticket distributors were used for fraud scam and transactions, and that the crooks aimed at older members of the population. The regulator obtained data from nine cryptographic ATM suppliers who revealed that crypto users over 50 represented 72% of all transactions and 60 to 70 years for 29% of transactions.
“It is a huge concern that people in this demographic group be over-represented as customers using money to buy cryptocurrency and, as evidence suggests, that a large number of users aged 60 to 70 are victims of scam activity,” said Thomas.
Australia has the greatest number of crypto automatic counters in the Asia-Pacific region, a number that increases. The nation has some 1,600 machines used, compared to only 23 in 2019, said Austrac. Nearly 150,000 transactions occur each year and $ 275 million is moved using crypto automatic counters to buy mainly bitcoin
USDT and Ether de Tether, added the declaration.
The regulator also declared that it had refused to renew the recording of the Harro Empires because he found that its automatic distributors of crypto tickets could be exploited.
Austrac has also warned the crypto automatic counter suppliers to register and set up correct money laundering checks.
