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Australia sets up task force to strengthen regulation of crypto ATMs

On December 6th, Australia established a task force to strengthen the management of crypto ATM machines. The task force aims to ensure that digital currency exchanges (DCEs) providing cryptocurrency ATM services meet minimum standards. The initiative aims to implement strong measures to prevent these machines from being used for scams, fraud or criminal transactions. Under the Anti-Money Laundering/Counter-Terrorism Act 2006, DCEs, including cryptocurrency ATM providers, must register with the Australian Anti-Money Laundering and Counter-Terrorism Commission. In addition, they must monitor transactions, verify customer identity (KYC), report suspicious activity (SMR), and submit threshold transaction reports for cash transactions of $10,000 or more.