AUSTRAC Fines Cointree for Delayed Suspicious Activity Reports
- AUSTRAC fined Melbourne-based crypto exchange Cointree $75,120.
- Cointree failed to submit suspicious matter reports (SMRs) within required timeframes.
- The exchange voluntarily disclosed the reporting lapses to AUSTRAC.
- Entities must file SMRs within three business days for money laundering or 24 hours for terrorism financing suspicions.
- AUSTRAC CEO Brendan Thomas emphasized the importance of timely reporting to combat financial crime.
Cointree was fined $75,120 by AUSTRAC for not submitting suspicious matter reports on time, a lapse which they self-disclosed and are working to rectify. CEO Brendan Thomas highlighted the necessity of prompt reporting in fighting financial crime.
Source (2.6)https://decrypt.co/320386/australian-crypto-exchange-cointree-fined-delayed-suspicious-activity-reports?rand=52368
