ChainCatcher news, Australia's national financial intelligence agency has listed cryptocurrency as a priority for the coming year and is establishing a new working group to crack down on cryptocurrency ATM providers that may violate anti-money laundering laws.In a statement on December 6, AUSTRAC CEO Brendan Thomas said the government agency will shift its focus to the cryptocurrency industry in 2025. He stated, "Cryptocurrency and crypto ATMs are enticing avenues for criminals to launder money because they are easily accessible and allow for near-instant and irreversible transfers. This is the first step AUSTRAC is taking to reduce cryptocurrency crime in Australia. Next year, we will focus on this industry."According to AUSTRAC, the working group will focus on ensuring that crypto ATM operators meet minimum standards to minimize the risk of illegal cash being funneled through the machines. Leading cryptocurrency ATM providers in Australia include Coinflip, which has 680 ATMs; Localcoin, with 465 ATMs; and Cryptolink, with 75 ATMs.Crypto ATM operators have been required to register with AUSTRAC, conduct transaction monitoring, and perform Know Your Customer (KYC) information checks on users.

ChainCatcher news, according to Cryptoslate, the Swiss Financial Market Supervisory Authority (FINMA) has expressed concerns about the increasing money laundering risks in the cryptocurrency sector. FINMA's 2024 Risk Monitoring Report elaborates on this warning, highlighting the growing misuse of digital assets such as cryptocurrencies and stablecoins for illegal activities.The report notes that stablecoins are increasingly used for illicit transactions, such as evading sanctions. This trend complicates law enforcement efforts and increases the legal and reputational risks for financial institutions that lack robust risk management strategies. Regulators emphasize the need for stronger measures to address vulnerabilities associated with the misuse of digital assets.To this end, FINMA has implemented measures for institutions to mitigate these risks, including targeted supervision and enhanced risk management requirements. Broader efforts include on-site inspections and revisions to audit plans aimed at strengthening anti-money laundering defenses. Regulators also call for the establishment of clear definitions of risk tolerance and effective risk management practices, particularly for institutions dealing with politically exposed persons or high-risk industry clients.

ChainCatcher news, the Singapore Parliament has passed the amendment to the Casino Control Act, aimed at further enhancing the effectiveness of the country's casino regulatory system and its protection for vulnerable groups. The government will empower the Gambling Regulatory Authority (GRA) with more authority to oversee more forms of gambling activities within casinos, including betting and lotteries.The amendment covers digital currencies, with cryptocurrencies not being permitted by the GRA to be used as casino chips, primarily due to the risk of money laundering.

ChainCatcher news, according to a report by Coindesk, the latest report from blockchain analytics firm TRM Labs shows that since 2019, the cash-to-crypto industry, primarily driven by cryptocurrency ATMs, has processed at least $160 million in illegal transactions.In 2023, illegal transfers to known scam addresses through cash-to-crypto services reached as high as $30 million, accounting for 79%.The report points out that global law enforcement agencies are increasingly concerned about the growth of cryptocurrency ATM usage. Recently, Germany's financial regulator BaFin shut down 13 cryptocurrency ATMs and seized approximately $280,000 in cash. Similar actions have been taken in countries like the UK and the US.TRM Labs emphasizes that cryptocurrency ATMs face additional money laundering risks due to their use of cash and the lack of face-to-face interaction or account controls. Notably, in 2023, 13% of digital asset fraud cases involving individuals over 60 were related to Bitcoin ATMs.Although the US has shut down over 1,000 machines since May, it still has the most cryptocurrency ATMs in the world, with over 31,000. The number of cryptocurrency ATMs in Australia has increased 17-fold in two years, potentially making it the third-largest market globally.

ChainCatcher news, according to Bloomberg, the Singapore government released a 126-page report on Thursday that deeply assesses the money laundering risks faced by the country. The report points out that in the process of attracting global super-rich individuals and building an international financial wealth center, Singapore also faces severe anti-money laundering challenges. This situation makes Singapore vulnerable to being used as a channel for laundering proceeds from overseas financial fraud and other criminal activities.The report details various money laundering methods within Singapore, including the use of bank accounts, payment accounts, shell companies, and other complex structures and arrangements for fund transfers and concealment. The report particularly emphasizes that banks, due to their financial attributes and service characteristics, have become high-risk areas in money laundering activities.Singapore's banking system is vast, with over 150 banks, many of which offer convenient online financial services, facilitating electronic fund transfers. This also provides opportunities for money laundering activities.According to the report, in a recent money laundering scandal, Singapore authorities seized over 1.5 billion Singapore dollars from related bank accounts. These funds are associated with 10 convicted Chinese nationals and 17 fugitives. Additionally, cash, cryptocurrencies, properties, gems, jewelry, watches, and luxury handbags were also seized from criminals.

ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) today published the "2023-24 Annual Report," which mentions the addition of a new chapter to the "Anti-Money Laundering and Counter-Terrorist Financing Ordinance." This chapter aims to assist the industry in addressing the money laundering and terrorist financing risks arising from the unique characteristics of virtual assets when engaging in virtual asset-related businesses, ensuring compliance with relevant statutory and regulatory requirements.In addition, in November 2023, the Hong Kong SFC held two anti-money laundering/counter-terrorist financing webinars, providing nearly 1,800 management and compliance personnel from licensed institutions with the latest information on key regulatory developments and recent observations in regulation. External speakers shared the latest trends in scams and provided insights on suspicious transaction reporting, outlining the situation regarding the proliferation financing risks in Hong Kong.

ChainCatcher news, according to a report by Interface News, the amendment to China's anti-money laundering law has made significant progress. On January 22, 2024, Premier Li Qiang presided over a State Council executive meeting to discuss the "Anti-Money Laundering Law of the People's Republic of China (Draft Amendment)." Regarding the draft amendment, Wang Xin, a professor at Peking University Law School and an expert involved in the discussion of the anti-money laundering law amendment, stated that the anti-money laundering law covers a wide range of issues, and it is difficult for the draft amendment to address everything comprehensively; it can only reflect the most urgent content in a framework manner.Yan Lixin, Executive Director of the China Anti-Money Laundering Research Center at Fudan University, stated that the most important, urgent, and necessary issue to be elevated to the legal level is the money laundering problem involving virtual assets. The use of cryptocurrencies and virtual assets for money laundering is gradually becoming a mainstream trend, but China's laws lack a clear definition of the connotation and extension of virtual assets. Wang Xin believes that the prohibition of Bitcoin's legal status in China reflects the country's attitude towards virtual currencies. To prevent digital financial risks, China prohibits providing or accepting services related to virtual currencies. The draft amendment to the anti-money laundering law has included measures to address new types of money laundering risks, requiring financial institutions to assess money laundering risks and take risk management measures before adopting new technologies or providing new products.In addition, Yan Lixin introduced that there is still significant room for improvement in the judicial relief work during the anti-money laundering enforcement process in China, and the anti-money laundering law should also cover judicial relief-related content to protect citizens' legal rights and interests. In reality, it is not uncommon for financial accounts or personal bank cards suspected of money laundering or other illegal or criminal activities to be "frozen," "suspended," or "seized" without proper recourse, and such situations have become commonplace. Among them, there are many individuals or groups who have been mistakenly targeted or harmed, and cases where accounts are mistakenly frozen or suspended without any avenue for appeal, leading to prolonged indecision and causing individuals, families, or businesses to fall into dire straits are also not rare. Wang Xin believes that a compliant management system must be established for anti-money laundering. As a fundamental law, the anti-money laundering law should incorporate compliance requirements for anti-money laundering, facilitating the subsequent issuance of implementation rules and other guiding documents.