Financial watchdog orders Afterpay to hire external auditor

Financial watchdog AUSTRAC has ordered Afterpay to hire an external auditor after the layby provider came under scrutiny.

Afterpay released a statement at the beginning of the month about AUSTRAC engaging in talks with the agency over potential breaches to anti-money laundering and counter-terrorism financing laws.

Afterpay said it did not know of AUSTRAC’s decision before it was served with a notice on Thursday.

AML Solutions CEO and former manager at AUSTRAC Todd Harland discusses with Ross Greenwood what the notice means for the layby provider.

“They’ve got over 4 million customers and that’s grown very quickly, so they have a need be able to keep up with that sort of pace and I wonder whether that has caused some of the problems.”

Click PLAY to hear the full interview