AUSTRAC has fined Cryptolink 56,340 Australian dollars ($37,000) after identifying "weaknesses" in the company's AML/CTF compliance.
AUSTRAC said that the majority of high-value crypto ATM transactions were directly associated with scams or moving money to high-risk jurisdictions.
Anti-money laundering regulator AUSTRAC obtained data showing that 72% of all crypto ATM transactions are carried out by people over the age of 50.
Australia proposes tighter AML/CTF rules targeting crypto exchanges, legal services and real estate to combat financial crime.