Australia financial crime watchdog orders external audit of Afterpay

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Australia financial crime watchdog orders external audit of AfterpayAustralia financial crime watchdog orders external audit of Afterpay

SYDNEY (Reuters) – Australia’s financial crime watchdog AUSTRAC on Thursday said it had ordered an external audit of buy now, pay later group Afterpay Touch to ensure it was complying with anti-money-laundering and counter-terrorism financing laws.

“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 Officer Nicole Rose said in a statement.

The audit would be used to determine the extent of any compliance issues and whether further regulatory action concerning Afterpay was required, AUSTRAC said.

Afterpay has just completed a A$317.2 million ($219.8 million) share placement to institutional investors.

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Source: Investing.com