In this news, we discuss the Afterpay says Australian regulator won’t take action against it after audit.
(Reuters) – Afterpay Ltd said on Wednesday that Australia’s financial crime watchdog would not take further action against the ‘buy-now-pay-later’ company after reviewing an external audit report which has concluded that this was a low risk of money laundering.
AUSTRAC, the regulator, officially ends an audit process it ordered reut.rs/3lK4kSh over a year ago to verify if Afterpay was in violation of anti-money laundering laws and against the financing of terrorism (AML / CFT).
The external audit report was delivered in November last year, and Afterpay said it was a “low risk business” for money laundering.
“AUSTRAC has reviewed the final audit report and Afterpay’s response to the findings and has decided that it will not take any further regulatory action,” Afterpay said in a statement.
AUSTRAC did not immediately respond to a request for comment from Reuters.
Afterpay said on Wednesday it has since tightened its compliance frameworks.
President Elana Rubin said the decision “brings certainty to the Company and its stakeholders and recognizes the work the Company has undertaken to strengthen its AML / CFT compliance.”
“The external audit has enabled Afterpay to better understand our obligations and to improve the way we manage our AML / CFT risks,” she added.
Report by Nikhil Kurian Nainan in Bengaluru; Editing by Sam Holmes
Original © Thomson Reuters Corporation