Cointree Fined $75K for Reporting Lapses Late by AUSTRAC
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Cointree fined $75K for late suspicious activity reports. AUSTRAC says timely filing is critical to crime prevention. The crypto sector faces growing regulatory pressure in Australia. Melbourne-based cryptocurrency exchange Cointree has been fined $75,120 by Australia’s financial intelligence agency, AUSTRAC, for failing to submit suspicious matter reports (SMRs) on time. This fine comes amid a broader crackdown by regulators aiming to reinforce anti-money laundering compliance within the growing digital asset sector. According to AUSTRAC, the fine followed voluntary disclosure by Cointree, which admitted to lapses in meeting its mandatory reporting obligations. The agency noted that the crypto exchange is now taking active steps to improve internal systems and controls. SMRs are essential filings that all regulated financial entities in Australia must submit when they suspect a transaction may be linked to money laundering or terrorism financing. The requirement is clear: submit within three business days for suspected money laundering, and within 24 hours for suspected terrorism-related activity. AUSTRAC’s Warning: Act Fast or Face Penalties AUSTRAC CEO Brendan Thomas emphasized the importance of swift reporting. “We need to take action on these reports as soon as possible. They allow us to move with pace and alert our partners to suspected criminal conduct,” he stated. The delay, AUSTRAC said, exacerbated the difficulty for law enforcement to react effectively to new threats. Despite this, the agency recognized Cointree’s cooperation, transparency, and self-reporting, which lessened the seriousness of the penalty. Without such openness, regulatory consequences could have been more severe. Cointree has not yet commented publicly on the fine. However, AUSTRAC confirmed that the company is working to remediate its compliance framework to prevent similar incidents in the future. Crypto Oversight Tightens in Australia This move is part of AUSTRAC’s overall effort to increase regulation in the digital currency environment. In 2024 alone, the…
Filed under: News - @ May 16, 2025 3:21 pm