Australian Crypto Exchange Cointree Fined Over Delayed Suspicious Activity Reports
Australia's financial intelligence agency, AUSTRAC, fined Cointree $75,120 for failing to submit suspicious activity reports (SMRs) on time. The exchange voluntarily disclosed delays in its anti-money laundering obligations. SMRs are required when transactions are suspected of being linked to criminal activities like money laundering or terrorism financing. Delayed reports hinder law enforcement's response to threats. Cointree cooperated with AUSTRAC and is taking steps to improve its systems. The fine reflects AUSTRAC's increased scrutiny of the digital currency exchange sector, identified as vulnerable to criminal misuse. In 2024, AUSTRAC highlighted risks such as pseudonymity and rapid transfers. The agency has initiated actions against 13 crypto businesses and warned over 50 others about compliance issues. A public registry of registered providers is forthcoming. The Australian government appointed Andrew Charlton as Assistant Minister for Science, Technology, and the Digital Economy to enhance crypto regulation.
