Crypto exchange $75k out of pocket for missing reporting deadlines
Cointree Pty Ltd was fined $75,120 by AUSTRAC for failing to submit suspicious matter reports on time under the AML/CTF Act.
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AUSTRAC issued infringement notices totaling $75,120 to digital currency exchange provider Cointree Pty Ltd after the company voluntarily disclosed that it had not met the reporting timeframes mandated by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. AUSTRAC CEO Brendan Thomas highlighted the importance of timely submission of suspicious matter reports (SMRs), noting that delays hinder law enforcement efforts to investigate potential misuse of the financial system. Thomas stated, “SMRs provide AUSTRAC and our law enforcement partners with information about suspected misuse of the financial system and this information goes on to trigger countless criminal investigations each year,” and warned that inefficient systems may lead to more severe regulatory actions. AUSTRAC’s focus on enhancing compliance in the digital currency exchange sector, identified as vulnerable in their 2024 Money Laundering in Australia National Risk Assessment, underscores the regulatory priority for improved AML/CTF controls across 2025. The company has paid the fine in full, which concludes the matter, with AUSTRAC emphasising that payment does not constitute an admission of liability.