SYDNEY, June 7 (Xinhua) -- Australian online payments platform, Afterpay, has come under the microscope over issues relating to its compliance with anti-money laundering and counter-terrorism financing laws.
One of the leaders of Australia's current tech boom, Afterpay allows users to "buy now, pay later" - revealing on Friday that they are in discussions with Australia's financial intelligence agency, Australian Transaction Reports and Analysis Centre (AUSTRAC).
"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 company said in a statment.
AUSTRAC confirmed that they are looking into Afterpay to ensure compliance with current regulations, but refused to divulge specific reasons.
"Stopping the movement of money to criminals and terrorists is a vital part of our national security defences and it is critical for regulated businesses in Australia to comply with the AML/CTF regime," a spokesperson from AUSTRAC said.
In the past 12 months, Afterpay's stock price has improved 190 percent, with the company currently in the process of expanding its operations in the United States and into Britain.
On Thursday, Afterpay announced partnerships with iconic American brands, Levis and Ray Ban, the day before having revealed a customer base of 1.5 million in the United States.
At 13:30 (AEST), Afterpay stocks were up 2.17 percent at 16.71 U.S. dollars a share.
