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 the 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