The agency said it will direct more attention toward businesses where the risk of harm is greatest, especially those that enable fast, cross-border transfers of money through cryptocurrencies.

Chief executive Brendan Thomas said AUSTRAC will no longer focus only on whether businesses meet compliance requirements on paper. Instead, the goal is to ensure companies take real steps to limit criminal activity.

The plan also expands the number of businesses that must follow anti-money laundering rules. Around 80,000 additional companies, including real estate agents, law firms, accountants, trust service providers, and traders of precious metals and stones, will be brought under AUSTRAC’s supervision.

These industries, often called “tranche 2”, have not previously been required to meet the same obligations as banks and other financial institutions.

Companies already regulated by AUSTRAC must comply with the standards by March 31, 2026. Those in the newly added Tranche 2 group will need to meet the rules by July 1, 2026. Both groups will need to improve customer checks, monitor transactions more closely, and report suspicious activity.

Thomas also noted that the agency expects businesses to demonstrate that their systems are effective in preventing criminal abuse.

Recently, the European Union introduced new rules aimed at preventing illegal financial activities, including those involving cryptocurrencies. What do the rules cover? Read the full story.

The reports, known as suspicious matter reports (SMRs), are required when a company suspects that a transaction may involve illegal activity, including money laundering or terrorism financing.

The fine was issued by AUSTRAC, the agency that monitors financial crime in Australia. According to a statement released on May 15, Cointree told the agency it had missed several deadlines for submitting these reports, which led to the enforcement action.

AUSTRAC explained that reporting delays like these can make it harder for law enforcement to respond quickly to possible threats. SMRs must be submitted no later than three business days after a company first notices possible money laundering. If the concern relates to terrorism financing, the deadline is just 24 hours.

Brendan Thomas, head of AUSTRAC, said in the announcement:

We need to action these reports as soon as possible, which is why the timeframes are put in place – they allow us to move with pace and alert our partners to suspected criminal conduct.

Despite the violation, AUSTRAC said Cointree had fully cooperated with the investigation and is making improvements to its internal systems to help avoid future mistakes. According to Thomas, the exchange is “taking proactive steps to remediate its systems and controls”.

Meanwhile, on May 9, German authorities shut down the crypto exchange eXch and seized approximately $38 million in digital assets. What happened? Read the full story.

The taskforce found signs of misuse tied to crypto ATMs, also known as kiosks, where people can use cash or cards to buy or sell crypto like Bitcoin
BTC


$84,048.96

. These kiosks often do not require strict ID checks, which makes them more vulnerable to abuse.

In a March 30 statement, AUSTRAC’s head, Brendan Thomas, said providers need strong systems to stop their machines from being used for scams or money laundering. He made it clear that the agency expects operators to take more responsibility for how their machines are used.

While the taskforce began by looking specifically at crypto ATMs, it has since widened its focus to check how well the crypto industry follows the rules.

In Australia, companies dealing with digital currencies—including those running crypto ATMs—are required to register with AUSTRAC. They must confirm customer identities, watch for unusual behavior, report suspicious transactions, and file reports for cash movements above $10,000.

There are over 1,600 of these machines across the country—a big jump from just 23 in 2019. Sydney has the most, with nearly 350 units. This rise has made Australia the leading market for crypto ATMs in the Asia-Pacific region.

Recently, the European Insurance and Occupational Pensions Authority (EIOPA) recommended that insurance companies hold enough funds to cover the full value of any crypto assets. Why? Read the full story.