AUSTRAC today announced that Afterpay would be required to engage an external auditor to examine:
1. Governance and oversight of decisions related to its AML/CTF framework
2. Identification and verification of customers
3. Suspicious matter reporting obligations
4. AML/CTF program, including the development of its money laundering and terrorism financing risk assessment
That is a substantial list and AUSTRAC have reached into their armoury for a different weapon with their use of the external auditor provisions.
Ross Greenwood sought a follow up interview to last week on his Money News program on 2GB/4BC. The link to the audio is below.