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Financial watchdog orders Afterpay to hire external auditor

Article image for Financial watchdog orders Afterpay to hire external auditor

Financial watchdog AUSTRAC has ordered Afterpay to hire an external auditor after the layby provider came under scrutiny.

Afterpay released a statement at the beginning of the month about AUSTRAC engaging in talks with the agency over potential breaches to anti-money laundering and counter-terrorism financing laws.

Afterpay said it did not know of AUSTRAC’s decision before it was served with a notice on Thursday.

AML Solutions CEO and former manager at AUSTRAC Todd Harland discusses with Ross Greenwood what the notice means for the layby provider.

“They’ve got over 4 million customers and that’s grown very quickly, so they have a need be able to keep up with that sort of pace and I wonder whether that has caused some of the problems.”

Click PLAY to hear the full interview

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