The Australian Transaction Reports and Analysis Centre (AUSTRAC) issued infringement notices totalling AUD 75,120 to digital currency exchange provider Cointree Pty Ltd for the alleged failure to submit suspicious matter reports (SMRs) within required timeframes under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The action followed Cointree’s voluntary disclosure that it had not met the reporting deadlines. AUSTRAC reiterated that late SMR submission can delay intelligence sharing with law enforcement and impede timely action on suspected misuse of the financial system. It highlighted the statutory timeframes of within 3 business days for suspected money laundering and within 24 hours for suspected terrorism financing, and pointed to heightened money laundering vulnerabilities in the digital currency exchange sector identified in its 2024 national risk assessment, with a stated focus on digital currency exchange compliance across 2025. Cointree paid the penalty in full, which AUSTRAC noted does not constitute an admission of liability and concludes the matter.
Australian Transaction Reports and Analysis Centre (AUSTRAC) 2025-05-16
Australian Transaction Reports and Analysis Centre fines Cointree for late suspicious matter reporting
AUSTRAC issued infringement notices totaling AUD 75,120 to Cointree Pty Ltd for failing to submit suspicious matter reports (SMRs) on time under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The action followed Cointree's voluntary disclosure of missed deadlines. AUSTRAC stressed timely SMR submission for effective intelligence sharing and noted increased money laundering risks in the digital currency exchange sector, as highlighted in its 2024 national risk assessment. Cointree paid the penalty, concluding the matter without admitting liability.