AUSTRAC cracks down on Cryptolink for late reporting

AUSTRAC issued Cryptolink an infringement notice of AUD 56,340 and accepted a court-enforceable undertaking addressing the company's AML/CTF deficiencies after identifying late reporting of large cash transactions and weaknesses in its money laundering and terrorism financing risk assessments. Cryptolink must engage third-party reviewers to validate reporting of required threshold transactions, assess controls for large cash transactions, and review its ML/TF risk assessment; the company cooperated and paid the infringement notice in full.