16 October 2025
Australian banks strongly welcome the Federal Government’s announcement of two key measures aimed at curbing financial crime and better protecting consumers.
New powers for AUSTRAC to ban high-risk cryptocurrency ATMs and expanding access to Visa Entitlement Verification Online (VEVO) checks by banks will build on ongoing efforts to safeguard Australians from scams and crack down on money mule activity.
ABA CEO Simon Birmingham said cryptocurrency ATMs were a key tool used by criminals to launder money as well as syphon money from scam victims.
“Banning or more tightly regulating crypto ATMs will help close off a channel that criminals exploit to launder money and funnel money from scams,” Mr Birmingham 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.”
Mr Birmingham also said allowing banks to access more information about a person’s visa status was a sensible and collaborative step in helping to stamp-out money mule activity.
“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,” Mr Birmingham 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.”
Latest news
We write on behalf of the undersigned Alliance of Industry Associations to raise a growing concern aboutgovernment’s inadequate consultation on recent complex legislative and regulatory reforms. We represent 30groups from across the economy including small, medium and large businesses, farmers, builders, retailers,universities and tax and accounting professionals. Our organisations support genuine and timely consultation as… Read more »
The ABA welcomes the release of the Federal Government’s response to the Parliamentary Joint Committee on Corporations and Financial Services’ inquiry into financial abuse, released today. ABA CEO Simon Birmingham acknowledged the important work of the committee as well as the Government’s response and said banks were committed to protecting customers from the scourge of… Read more »
E&OERadio InterviewInterview ABC Statewide Drive Victoria9 October 2026 Topics: Regional banking Jane Nield: Well, do you still have a bank branch in your local area? If you’re one of the more than 600 regional locations nationwide that have lost a bank in the last few years, did it have a big impact? So often, it… Read more »