PJCIS review links machines to scams and financial crime
Federal MPs and senators have urged urgent action on cryptocurrency ATMs after a parliamentary review found the machines are a major route for scams and other financial crime. The Parliamentary Joint Committee on Intelligence and Security tabled the report on 11th August 2026 during its review of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026.
In its report, the committee recommended that the responsible Minister, acting on advice from the AUSTRAC chief executive, consider restrictions or outright bans on cryptocurrency ATMs as a priority. Members concluded that the machines now pose a serious enough risk to warrant fast regulatory attention.
Under the AML/CTF Amendment Bill 2026, AUSTRAC would gain a new power to address high-risk products, services or channels across an entire sector at once. That mechanism could apply to cryptocurrency ATMs and other high-risk parts of the financial system.
Senator Raff Ciccone warning
Committee chair Senator Raff Ciccone said the inquiry showed how quickly criminal methods can shift as new technology spreads. He said, “Money laundering and terrorism financing continue to cause serious harm to our community, economy and national security. It is important that Australia’s laws keep pace with the criminals.”
Alongside the cryptocurrency ATM measures, the bill would update terrorism financing provisions and make technical amendments to improve how the wider AML/CTF framework works. The legislation aims to create a new mechanism for emerging financial crime risks.
Members of the committee did not support giving AUSTRAC alone the final say on sector-wide restrictions. Instead, they recommended that a minister exercise the power after advice from the AUSTRAC CEO to strengthen accountability and public confidence.
Consultation before any ban
The report also called for greater transparency in consultation before any prohibition or restriction takes effect. Following that recommendation, government action against a high-risk product, service or channel would face a clearer public process.
Meanwhile, the committee endorsed broader reforms to modernise Australia’s counter-terrorism financing framework. It also backed assessment of risks tied to legacy payment infrastructure, extending the review beyond newer technology.
Further details on the review and report are available at aph.gov.au/pjcis.
On the PJCIS website, readers can make a submission to an inquiry, read published submissions and check upcoming public hearings. Users can also track the committee and receive email updates through the blue Track Committee button.
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