In June 2019, AUSTRAC had ordered an external audit of Afterpay Australia Pty Ltd (Afterpay) to assess its compliance with the country’s AML/CFT laws. Based on the recommendations from the external audit report, Afterpay has strengthened its compliance to AML/CFT regulations.
The external audit report and the subsequent actions taken by Afterpay have led AUSTRAC to decide that this matter does not require further regulatory action. However, AUSTRAC has once again made it clear that Afterpay must strictly abide by Australia’s AML/CFT laws in the future.
AUSTRAC has also pointed out that other new and old ventures including technology-based financial enterprises must also heed their AML/CFT requirements and install adequate mitigating mechanisms in place.
Source name: AUSTRAC
Source link: https://www.austrac.gov.au/news-and-media/our-recent-work/austrac-finalises-external-audit-afterpay