Business
Banks fear Afterpay increases money laundering risks – The Australian Financial Review
Banks say the new players are standing in between banks and transactions, which means banks can’t see where money is being spent.
While not referring to Afterpay by name, the ABA says in a submission to Treasury, which is conducting a review of the payments system, that many obligations in prudential, consumer protection and financial crime and anti-money laundering laws do not apply to new entrants in the payments system.
As new entrants including big tech and alternative players outside the current regulatory framework gain market share, any regulatory gaps or uneven application of regulatory obligations can create problems…
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