Cointree Crypto Exchange Faces Over $75000 Fine from AUSTRAC

The watchdog of the Australian financial system, AUSTRAC [ Australian Transaction Reports and Analysis Centre], has imposed a $75000 penalty on one of the country’s leading crypto exchanges, Cointree. According to reports, AUSTRAC issued the notice after Cointree voluntarily disclosed its failure to meet the reporting timeframes for suspicious matter reports (SMRs).

The applicable AML/CTF regulations require exchanges to submit SMRs within 3 days for money laundering and 24 hours for suspected terrorism financing. AUSTRAC’s action against Cointree closely follows earlier enforcement action against 13 errant remittance and digital currency exchanges.

AUSTRAC is set to come down heavily on any regulated platforms that fail to adhere to established laws and regulations.