AUSTRAC orders an independent audit of Airwallex, a payment platform, to investigate suspected AML/CFT breaches in transaction monitoring, customer due diligence, and suspicious reporting

The audit, issued under section 162 of the AML/CTF Act, will require an external auditor at Airwallex’s expense to assess whether the company’s AML/CTF program, customer due diligence, transaction monitoring and suspicious matter reporting meet regulatory obligations, with findings due within 180 days and potentially informing further regulatory action. . AUSTRAC’s CEO Brendan Thomas emphasised concerns about…