Afterpay founders Anthony Eisen and Nicholas Molnar
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  • An interim report looking into Afterpay’s compliance with anti-money laundering and counter-terrorism financing has been submitted to AUSTRAC
  • The report will remain confidential and recommendations will wait to be issued until the final report.
  • Afterpay’s share price is up 12.62 per cent, currently sitting at $35.78 apiece

An independent interim report regarding Afterpay’s compliance with anti-money laundering and counter-terrorism financing laws has been submitted to the Australian Transaction Reports and Analysis Centre (AUSTRAC).

The report, conducted by external auditor Neil Jeans, will remain confidential and won’t provide recommendations until the final copy.

Earlier this year, the government agency ordered an independent audit into Afterpay to determine whether it has breached the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

In June, AUSTRAC’s CEO Nicole Rose said: “The audit will help identify if Afterpay has developed and implemented the systems and controls it needs to ensure it complies with its obligations.”

“These laws are in place to protect businesses, the financial system and the Australian community from criminal threats,” Nicole continued.

According to Afterpay, Neil’s investigation is currently assessing whether the company has complied with programs put in place by AUSTRAC after its initial notice.

Additionally, the company detailed it hasn’t identified any money laundering or terrorism financing activity through its services so far.

The market has responded favourably to Afterpay’s update, with shares in the company up 12.62 per cent to sit at $35.78 apiece, adding $4 to the company’s share price.

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