The financial intelligence regulator has ordered Afterpay to appoint an external auditor to examine its compliance with anti-money laundering and counterterrorism financing laws.
The buy now, pay later sector has experienced rapid growth in the past few years and the Australian Transaction Reports and Analysis Centre said it had"identified concerns with its [Afterpay's] compliance"."The audit will help identify if Afterpay has developed and implemented the systems and controls it needs to ensure it complies with its obligations," AUSTRAC chief executive Nicole Rose said.
"AUSTRAC will continue to work with Afterpay to assist the company to mature and strengthen its compliance processes, staff training and suspicious matter reporting.
Source: News Formal (newsformal.com)
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