Australia's financial intelligence agency has imposed a fine of $75,120 on Melbourne-based crypto exchange Cointree for failing to submit suspicious activity reports promptly. The Australian Transaction Reports and Analysis Centre penalized Cointree after the exchange disclosed delays in meeting its anti-money laundering reporting obligations. Suspicious Matter Reports (SMRs) are essential filings submitted by regulated entities when they suspect transactions related to criminal activities like money laundering or terrorism financing. AUSTRAC emphasized that delayed reports impede law enforcement's ability to respond swiftly to emerging threats. Despite the delay, Cointree cooperated, self-reported the issue, and is now working to enhance its systems and controls. AUSTRAC's actions reflect its efforts to enhance oversight of Australia's digital currency exchange sector, which it views as susceptible to criminal exploitation. The regulator has taken enforcement actions against multiple crypto businesses and issued warnings to others regarding compliance issues. Additionally, the Australian government has appointed Andrew Charlton as Assistant Minister for Science, Technology, and the Digital Economy to bolster crypto regulation and oversight in the digital asset industry. Read more AI-generated news on: https://app.chaingpt.org/news