Australia’s financial intelligence agency fined Melbourne-based Crypto Exchange Cointree $75,120 for failing to submit a suspicious activity report within the required time.
The Australian Transaction Report and Analysis Centre took enforcement action after disclosing the delays voluntarily disclosed in the crypto exchange meeting its reporting obligations for money laundering. statement Thursday.
SMR is Required filing If filed when a regulated entity suspects a transaction, it may be related to criminal activity such as money laundering or terrorist financing.
Austrak said the delayed reporting hampered the ability of law enforcement to act swiftly against new threats.
“We need to do these reports as soon as possible, so we have time slots in place, so we can move to our partners and alert our partners to alleged criminal conduct.
The entity must submit an SMR within three business days of suspected money laundering or within 24 hours due to suspected terrorist financing.
Thomas acknowledged that Cointree would cooperate fully, self-report the issue and “take aggressive steps to repair the system and control.”
Without such cooperation, the agency noted that regulators’ response could have been more serious.
Cointree has not responded yet Decrypt’s Request a comment.
Fighting against crime
The fine is part of Austrak’s efforts to strengthen surveillance in Australia’s digital currency exchange sector, and considers it vulnerable to criminal misuse.
In 2024, Austrac identified risks such as pseudonyms, global reach and speed of relocation as important concerns within the sector.
Since then, enforcement action has begun 13 Crypto Business Warned about over 50 other potential compliance failures.
Regulators recently addressed dormant registration and warned of inactive DCEs “Use it or lose it.” Just as your face cancels or voluntarily withdraws. A public registry for registered providers is expected soon.
Among these moves, last week The Australian Government has been appointed As assistant minister in the science, technology and digital economy, Andrew Charlton is part of a broader push to modernize crypto regulations and strengthen surveillance across the digital asset sector.
edit Sebastian Sinclair