<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australian authorities will soon launch a crackdown on cryptocurrency ATMS in an effort to combat money laundering, terrorism financing and serious crime risks.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The country's financial crime watchdog, AUSTRAC, estimates 85 per cent of the transactions sent by the top users of crypto ATMs are the proceeds of scams or activities by people, known as money mules, who illegally transfer money on behalf of criminals.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>AUSTRAC, working with law enforcement agencies, found that where victims are stopped from transactions by other financial institutions, the criminals then move to crypto ATMs.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/household-stress-over-1-million-households-now-experiencing-cost-of-living-crisis/58a49c4d-6c2a-4f80-a049-5a4b901d4d73" target="_blank"><strong><span>More than a million households at critical stress point</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It's estimated 99 per cent of transactions through the machines are cash deposits, which are high risk for money laundering, the federal government says.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Home Affairs Minister Tony Burke will today announce reforms handing the AUSTRAC chief executive new powers to restrict or prohibit certain high-risk products, services or delivery channels, including crypto ATMs.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He will also outline new powers to disrupt money launderers using mule accounts, where criminals take over legitimate bank accounts, which they often obtain from from international students or other visa holders.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/crypto-atm-crackdown-to-combat-crime-rings/934765df-1bea-42bd-891d-4a26d21c4c01" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The government's Visa Entitlement Verification Online Terms and Conditions will be changed to give financial institutions more access to visa information, to help them identify and close mule accounts.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Burke says the crypto reforms are about "legitimising the good actors and shutting out the bad" in the currency.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Over the past six years, the number of active crypto ATMs in Australia has increased more than 15-fold, from 23 to more than 1600 today.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple App Store</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a><strong><em><span>.</span></em></strong></div></div>