Australia's anti-money laundering regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC) recently took action against 13 remittance and digital currency exchange providers for failing to report suspicious transactions on their platforms.

Over 50 more companies were under investigation for potential non-compliance, as AUSTRAC was wrapping up a year-long effort to tackle underreporting and non-reporting of suspicious transactions in the industry.

While AUSTRAC did not name the 50 companies that received the "please explain" letters, these operators have 28 days to respond or risk losing their registration.

AUSTRAC CEO Brendan Thomas explained that these alerts serve as a warning to companies that may not be following proper reporting practices.

The regulator is concerned that some operators may not........

© International Business Times