What new government powers are proposed for AUSTRAC

This week on The Fin, Lucy King and James Eyers on Australia’s crypto ATM boom, how they are being used for investment scams and why Australia is being targeted.

This podcast is sponsored by Salesforce

Further reading:

‘Devastated’: How I lost $500k in a crypto ATM scam
Mary, 85, is one of thousands of victims of Australia’s boom in crypto ATM’s, which suck in $275 million a year, and are the “getaway cars” for scammers.

Consumers, banks urge outright ban on crypto ATMs
Home Affairs Minister Tony Burke will give AUSTRAC powers to restrict the machines, but consumer groups say this won’t stop the danger to older Australians.

Labor to crack down on crypto ATMs amid scam surge
New powers will be handed to regulators to restrict the use of crypto ATMs, which have become a hub for scams and illegal money laundering.

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