Crypto Exchange Fined $75K: Who Forgot to Report? 🤔💸

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Crypto Exchange Fined $75K: Who Forgot to Report? 🤔💸

Crypto Coins and Fine Illustration

  • Cointree got hit with a hefty AUD 75K for being tardy with suspicious report thingies. Yeah, they missed a deadline. Classic mistake, right?
  • AUSTRAC, the big brother of Aussie finance, said “good job” for cooperating—kind of. But seriously, get your act together, guys.
  • Turns out, reporting suspicious activity ASAP is kinda National Security 101. Who knew?

Regulator with a magnifying glassIn a twist no one saw coming, AUSTRAC decided to slap a fine on Cointree Pty Ltd for not reporting suspicious stuff fast enough. The fine? AUD 75,120. Yep, it’s in the AML/CTF Act 2006—because breaking rules is such a trendy hobby these days. Cointree’s cool with it; they admit nothing but forked over the cash. Denial? Who needs it?

AUSTRAC Tells Them to Get Their Reporting Act Together

Apparently, Cointree was the kid who forgot to hand in their homework, but at least they admitted it voluntarily. AUSTRAC’s like, “Yeah, it’s all good, just don’t let it happen again, okay?” They’re making changes—fingers crossed for a smoother ride next time. Because what’s a fine without a little improvement?

Brendan Thomas, the guy in charge, says ignoring SMRs makes law enforcement’s job harder. Shocking, I know. They need those reports to catch shady stuff—money laundering, terrorism, the usual party. If you don’t report on time, it’s like trying to run from your responsibilities in quicksand. Not gonna work.

And lest we forget, being quick on the draw with reports keeps the country safe. Delay? Means you might have organizational issues. Yikes. So, businesses, better hustle and make sure your compliance systems aren’t just fancy paperweights.

Oh, and AUSTRAC just dropped a national risk report—because threats aren’t going to fight themselves. Crypto shiny things, rapid moves, big anonymity—hello, criminals’ playground. Making DCE compliance a 2025 priority is about as urgent as your morning coffee.

Rules? Oh yeah, they’re very precise. You have three days to report money laundering and 24 hours for terrorism suspicions. Miss that, and you’re basically breaking the law. Oops.

Follow Cointree’s Example: Do Better or Face the Music

The company’s like, “We messed up, we’re fixing it,” which is good. They’re updating their procedures—big scary words for “trying not to get fined again.” AUSTRAC is basically saying, “Hey, take a leaf out of Cointree’s book, show us you care, and maybe don’t be late.”

Bottom line: Regulators are watching, and they’re not fans of “Oops, I forgot.” Play by the rules, keep the system safe, or risk the consequences. Because in finance, being late isn’t just rude, it’s illegal.

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2025-05-18 23:31