Industry welcomes steps to restrict crypto ATMs and broaden visa checks
Australian banks have expressed support for the Federal Government’s recent announcement of two initiatives designed to address financial crime and enhance consumer protection.
The measures include granting AUSTRAC the authority to prohibit high-risk cryptocurrency ATMs and extending banks’ access to Visa Entitlement Verification Online (VEVO) checks.
🚨 Australia may give its financial watchdog, AUSTRAC, the authority to restrict or ban crypto ATMs under new draft laws. Officials cite rising concerns over money laundering and limited traceability of illicit funds.#CryptoMarket #bitcoin #cryptolaws
— Crypto (@cryptoradarfeed) October 16, 2025
https://t.co/QzSqzftIjQ
According to the Australian Banking Association (ABA), the changes are intended to strengthen existing safeguards against scams and disrupt money mule operations.
Simon Birmingham (pictured right), ABA chief executive, highlighted the role of cryptocurrency ATMs in facilitating illicit activities. “Banning or more tightly regulating crypto ATMs will help close off a channel that criminals exploit to launder money and funnel money from scams,” he said.
“Every dollar that an Australian is coerced into feeding into a crypto ATM is a dollar fed into a black hole from which there is virtually no means to help scam victims get their money back. For those who legitimately wish to dabble in the crypto markets, there are other ways to do so without feeding cash into a crypto ATM.
“Banks commend the government for taking this action to crack down on the ability of criminals to use crypto ATMs and urge the swift introduction and passage of the necessary enabling legislation.”
Birmingham also addressed the benefits of expanding banks’ ability to verify visa status information. “International students and non-permanent residents are often targeted and recruited by criminals to act as money mules to hide and move stolen money or illegal crime proceeds around,” he said.
“Giving banks the ability to check visa details when they detect unusual account activity will be a valuable additional tool for banks to stifle the ability of criminals to steal money from Australians. This will help build on ongoing efforts and measures by banks to identify and shut down mule accounts which are a key part of many scammers’ business model.”
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