Australia's largest stock trading and investment forum Australia's #1 stock forum

APT

Click for more information

0.00%

$66.47 afterpay limited

I doubt this is related to money laundering. I believe it’s...

First 72 Last

Share
Profile

Follow
street talk

11,142 Posts.

478

13/06/19

12:02

Post #: 39038250
Share
Originally posted by CaptainBarnacles: ↑

I have tried to objectively parse through the recent statements on Austract. These are usually very carefully worded from my experience.
Today APT omitted any mention of not having identified any (money laundering) problems to date, and stated that they are continuing to invest in further AML/CTF compliance enhancements - which is different to the previous release on the matter IMO. It leaves open the possibility that now something has now been identified, and that they definitely have to spend more on AML/CTF costs, which would probably impact earnings. All IMO!

I've copied two excerpts below:

Todays:
"
Afterpay has undertaken various measures to strengthen Afterpay’s AML/CTF framework including in
focus areas identified in the Notice and we are continuing to invest in further AML/CTF compliance
enhancements. We do not expect any impact to arise on the way customers and merchants currently
experience the Afterpay service.
"

On the 6th June release, APT stated the following three points.
"
Anti-Money Laundering / Counter-Terrorism, Financing (AML/CTF)

● In July 2018, Afterpay amended its AML/CTF compliance framework to incorporate obligations in
relation to the services we provide our customers, including external identity verification and other
processes for all Afterpay customers.

● Although Afterpay has not identified any money laundering or terrorism financing activity via our
systems to date, Afterpay is currently in dialogue with AUSTRAC regarding issues that AUSTRAC has
raised regarding our AML/CTF compliance, the outcome of which is yet to be determined.

● As a scheduled part of our existing program, we are in the process of appointing a leading
professional services firm to conduct an independent review of the design and operation of our
AML/CTF framework to see if any further improvements or actions can or should be made.
"

Expand

I doubt this is related to money laundering. I believe it’s about the KYC verification process as part of the AML/CTF Act.
Specifically this part:

AML/CTF identification and verification requirements for individual customers
Customer identification and verification procedures are contained in Chapter 4 of the AML/CTF Rules. Part 4.2 of that chapter specifies the minimum Know-Your-Customer (KYC) information which must be collected and verified in relation to an individual customer. A reporting entity is able to collect and verify additional KYC information about an individual, if an assessment of money-laundering and terrorism-financing (ML/TF) risk indicates that collection of additional KYC information is warranted.
KYC information collected from an individual must be verified from:
reliable and independent documentation; or
reliable and independent electronic data; or
a combination of the above.
APT Price at posting: $23.17 Sentiment: Buy Disclosure: Held
3 Upvote

0 Great analysis

Reply

There are more pages in this discussion • 504 more messages in this thread...

First 72 Last

Add APT (ASX) to my watchlist

SPONSORED BY