SYDNEY: Australia’s financial crime watchdog ordered an audit of buy-now-pay-later company Afterpay Touch Group, citing suspected non-compliance with anti-money-laundering and counter-terrorism financing laws, hammering shares across the sector.
The government agency Austrac has told the company to hire an external auditor at its own expense and report back in 60 days, adding it hopes this will remind new financial service players to take their money-tracking obligations seriously.“This action is taken where Austrac has reasonable grounds to suspect non-compliance,” an Austrac spokesman told Reuters.