Australia Fines Cryptolink $37,000 for AML Violations

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has imposed a significant penalty of AUD 56,340 ($37,000) on Cryptolink, an Australian crypto ATM operator, for failing to comply with anti-money laundering and counter-terrorism financing (AML/CTF) regulations. This action follows AUSTRAC’s identification of shortcomings in Cryptolink’s compliance program, including a failure to promptly report large cash transactions.