The Australian agency AustRac has imposed a fine of $ 75,120 (about 62 lakh rupees) for lapses in reporting on Crypto Exchange Cointree. The Australian Transaction Reports and Analysis Center (AustraC) took this action when Crypto Exchange Cointree itself informed that it could not give the suspected transaction report (SUSPICIOUS Subject reviews – SMRS) within the deadline. Let us tell you that under the Suspicious Subject Reviews Anti-Mani Laundering and Counter Terrorism Financing Act 2006 (AML/CTF Employment), it is mandatory to give within the time limit. Let us tell you that all in India recently Order to update KYC before 30 June Crypto exchanges Are given.
Why should the cointree be fined, understand the whole matter
Cointree Pty Ltd himself admitted that he could not send Suspicious Subject Reviews (SMRS) on time, which was informed to AustRac. Following this revelation, the investigating agency conducted a thorough investigation into the matter and concluded that Cointree has violated the AML/CTF rules. CEO Brendan Thomas of the Australian investigative agency Austrac made it clear that not sending SMRS on time would not provide the necessary information to the law enforcement agencies on time, causing investigation and action against Anti Cash Laundering and Terrorism Financing.
The company caught its own mistake, so not fined much
Since Cointree himself has caught and accepted his mistake in this case. For this reason, strict punitive action was not taken on him, but the matter has been abolished by imposing a fine. Cointree has also paid the entire amount of fine, although this payment has not been considered as acceptance of any crime.
What is Australia’s AML/CTF law
Australia’s AML/CTF Act 2006 is closely monitored on activities such as anti-mani laundering and counter terrorism financeing. Under this law in Australia, it is mandatory to send a Suspicious Subject Reviews in 3 days on the suspicion of money laundering. At the same time, on the suspicion of terror funding, it is mandatory to give this report within 24 hours. Cointree did not give these reports on time, which has imposed the fine. Australian agency AustraC said that the matter could have been very serious if cointree hid this information. Currently, the company is taking strict steps towards improving its systems and control.
Can India learn a lot?
India can also learn a lot in this whole matter. Crypto Exchanges in India may face strict regulation. After the recent Indo-Pak tension, the Government of India and the Financial Intelligence Unit FIU-IN connected to Jammu and Kashmir and border areas Strict eye on suspected crypto transactions Has started keeping. The FIU-Ind has instructed the country’s major crypto exchanges to increase the monitoring of digital foreign money transactions from these areas, especially on activities happening through Personal Wallets. However, money laundering has been feared through undisclosed cryptocurrency like Monero and ZCash. Like cointree, Indians need to be cautious in Indians.
Conclusion
The penalty imposed by AustraC on Cointree shows that Crypto Exchanges worldwide now have become mandatory to follow the regulation. This case is also a warning that if a company is negligent in reporting, the regulatory institutions can take strict action against it, even if they accept the mistake. The government and RBI are also keeping an eye on Crypto in India. In such a situation, it has become necessary that transparency and accountability should be given top priority in the world of Virtual Property.
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