Austrac scrutinising Afterpay, page-46

Might be? Why? Why would they go after payments companies?

In the main ZIP pays merchants on behalf of customers then accepts repayment of loans. Alternatively it gives cash advances and accepts repayments.

Prior to opening an account ZIP follows 100 pointscore / KYC (Know Your Customer) proceduresrequirements. It trains its staff in Anti Money Laundering and Counter Terrorism Financing risk assessment and compliance, and maintains education programs in identifying suspicious activity. It uses facial biometrics to identify customers and prevent fraud and also single use cards to prevent identification of a customer's main account identifiers. It is required to keep and maintain full records indefinitely.

You're probably aware that the maximum penalty to ZIP for breaching the AML / CTF laws is $31.3 mil (100,000 penalty units). And what breaches can you identify/ Or do you just think they might because you don;t like them? Why fixate on AUSTRAC? The same legislation exists in the US and in NZ - why whould they not be doing the same there? Have you got it in for them there too?