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Australia has established a special task force to strengthen the management of encryption ATM machines
Wu learned that according to Cryptonews, Australia has established a special task force to strengthen the management of encryption ATMs. The task force aims to ensure that Digital Money exchanges (DCEs) providing cryptocurrency ATM services comply with minimum standards. This measure is aimed at implementing strong measures to prevent these machines from being used for fraud or criminal transactions. According to the 2006 Anti-Money Laundering/Counter-Terrorism Financing Act, DCEs, including cryptocurrency ATM providers, must register with the Australian Anti-Money Laundering and Counter-Terrorism Financing Committee. In addition, they must monitor transactions, verify customer identities (KYC), report suspicious activities (SMR), and submit Threshold Transaction Reports for cash transactions of $10,000 or more.