The Australian Transaction Reports and Analysis Centre (Austrac) announced on Wednesday it has concluded its investigation into Afterpay, having decided it will not pursue any further regulatory action.

Austrac ordered the appointment of an external auditor into Afterpay’s Australian operations in June last year. Specifically, the regulator asked for the examination of Afterpay’s compliance with theĀ Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

“In response to the findings and recommendations identified in the external audit report, Afterpay has uplifted its AML/CTF compliance framework and financial crime function, and completed all remediation necessary to ensure compliance,” Austrac wrote on Wednesday.

“After considering the report and the response by Afterpay, Austrac has decided not to undertake further regulatory action.

Austrac said it has “reiterated the importance” for Afterpay to meet its compliance obligations in the future, and that it would continue to work with the company to ensure it understands

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DUBAI, Sept 24 (Reuters)The United Arab Emirates central bank said banks should increase anti-money laundering efforts to safeguard financial stability in the country.

“To mitigate the risk of financial crimes … banks are urged to put more efforts towards combating money laundering and financing of terrorism,” it said in a statement.

The bank said more than 300,000 individuals, close to 10,000 small and medium enterprises, and more than 1,500 private companies had benefited from a 50 billion dirhams ($14 billion) liquidity scheme introduced to cushion against the impact of the COVID-19 pandemic.

On Wednesday, the UAE reported its highest daily number of coronavirus infections since the start of the pandemic.

In a separate report, the central bank said this week the UAE economy would likely contract by 5.2% this year, revising down a previous 3.6% contraction forecast, as virus containment measures hurt sectors such as

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