AUSTRAC issued infringement notices of $75,120 to digital currency exchange provider Cointree Pty Ltd for the alleged failure to submit suspicious matter reports (SMRs) to AUSTRAC on time.
The action came after Cointree voluntarily disclosed it had not met the reporting timeframes required by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
AUSTRAC CEO Brendan Thomas said that failing to submit SMRs on time denies AUSTRAC and its law enforcement partners the opportunity to act on the information in a timely manner.
Crypto exchange $75k out of pocket for missing reporting deadlines
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