🇦🇺 Urgent: AUSTRAC fines Cointree $75,000 due to reporting delays
━━━━━━━━━━━━━━━
Details of the violation:
• The Australian Anti-Money Laundering Authority AUSTRAC has imposed a financial penalty on the Cointree platform of AUD 75,000.
• Reason: Delay in submitting Suspicious Matter Reports (SMRs) on time.
• The authority issued a final warning that repeated violations could result in stricter actions, such as suspension or revocation of the license.
━━━━━━━━━━━━━━━
Why is this important?
• It reflects the increasing scrutiny on cryptocurrency platforms in Australia.
• Platforms are required to strictly comply with anti-money laundering and counter-terrorism financing laws.
• The move may be part of a global shift towards stronger regulation of the sector in response to rising cybercrime.
━━━━━━━━━━━━━━━
Do you expect to see a similar global campaign from other regulatory bodies?
Share your opinion on the future of regulation in the crypto world!
If you liked the content, support me with a like and follow to receive all updates
LEGENDARY_007