The Australian Transaction Reports and Analysis Centre (AUSTRAC) has fined the crypto exchange Cointree $75,120 for failure to submit suspicious matter reports within required timeframes. This action followed Cointree's voluntary disclosure of delays in fulfilling its anti-money laundering obligations. The reports are crucial for law enforcement agencies to address potential criminal activities, including money laundering and terrorism financing. AUSTRAC noted that timely reporting is critical to combat financial crime, with reports required to be filed within three business days for suspected money laundering and within 24 hours for terrorism financing. Despite the lapse, Cointree's cooperation in self-reporting aimed to improve its compliance systems mitigated the severity of the regulatory response. This fine is part of AUSTRAC's broader effort to enhance oversight over the digital currency exchange sector, which is seen as vulnerable to criminal exploitation. The agency has ramped up enforcement actions against multiple crypto businesses as it tightens regulations in the sector.

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