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AUSTRAC Fines Cointree $48K for Late Suspicious Activity Reports
AUSTRAC Fines Cointree $48K for Late Suspicious Activity Reports
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Australia’s financial intelligence agency AUSTRAC has imposed a A$75,120 penalty on Melbourne-based cryptocurrency exchange Cointree for delayed submission of suspicious matter reports (SMRs). The late filings hindered law enforcement’s ability to trace criminal funds, according to the regulator’s May 16 statement.
Crypto platforms operating in Australia must file SMRs within three days of identifying suspicious activity—or within 24 hours for terrorism financing cases. The enforcement action comes as Australian authorities scrutinize over 400 inactive digital asset platforms.
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