This article is more than 1 year old

This article is more than 1 year old

The federal financial intelligence agency has ordered an external auditor to probe Afterpay’s compliance with money laundering and terrorism-financing laws.

Austrac said on Thursday that the scope of the audit will include the buy-now pay-later company’s identification and verification of customers as well as its suspicious matter reporting obligations.

“The audit will help identify if Afterpay has developed and implemented the systems and controls it needs to ensure it complies with its obligations ... in place to protect businesses, the financial system and the Australian community from criminal threats,” Austrac chief executive officer, Nicole Rose, said.