Austrac scrutinising Afterpay, page-59

June 2019 below and this nutjob is still going on about it, just as he goes on about Westpac because a customer involved in illegal sex was transferring funds across borders. At the moment he is on about legal migrants in Ohio eating pets. Should be banned from Hot Copper IMO

'In its notice to Afterpay, Austrac said it had “reasonable grounds” to suspect the company “has contravened and/or is contravening sections 32 and 81 of the AntiMoney Laundering and Counter-Terrorism Financing (AML/CTF) Act”.

Section 32 of the act requires reporting entities to first verify customers before providing a service, including a customer’s name and either their address or date of birth verified through “the use of reliable and independent electronic data from at least two separate data sources”.

Section 81 prohibits companies from providing a service to a customer without having an AML/CTF program in place.

In a statement, Austrac said it had ordered the appointment of an external auditor after “a period of ongoing engagement with Afterpay where Austrac has identified concerns with its compliance”.

The external auditor will examine the company’s:
governance and oversight of decisions related to its AML/CTF framework
the identification and verification of customers
suspicious matter reporting obligations
its AML/CTF program, including the development of its money laundering and terrorism financing risk assessment'