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Australian cryptocurrency exchange Cointree fined for delayed submission of suspicious activity report

2025-05-16 05:43

According to Decrypt, Australian cryptocurrency exchange Cointree has been fined AUD 75120 by financial regulator AUSTRAC for delayed submission of suspicious transaction reports. The exchange voluntarily disclosed compliance vulnerabilities and is currently upgrading its internal monitoring system. According to Australian anti money laundering regulations, suspicious fund flows must be reported within 3 working days, and suspected terrorist financing must be reported within 24 hours. AUSTRAC Director Brendan Thomas pointed out that timely reporting is crucial for tracking the flow of criminal funds. This is the latest action taken by the agency to strengthen regulation of the cryptocurrency industry since 2024. Previously, penalties have been imposed on 13 violators and warnings have been issued to over 50 institutions.

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