Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

Buy Now Pay Later Service Openpay Warned for AML Violations

buy-pay

Te Tari Taiwhenua, the Department of Internal Affairs, has issued a warning to an Australian Buy now pay later service Openpay for failing to set, enforce, and sustain an effective Anti Money Laundering (AML) program.

The Department of Internal Affairs stated that Openpay failed to appropriately track accounts and transactions for a prolonged period in addition to having poor AML systems.

Financial service providers such as banks and payment operators have a responsibility under Anti Money Laundering (AML) and Countering Financing of Terrorism (CFT) Act to assure they aren’t really used to move funds illegally.

According to the Director of DIA’s AML systems, Mike Stone, there is no evidence that the company is involved in either money laundering or terrorism financing. He asserted that DIA oversaw a variety of enterprises that had to adhere to anti-money laundering regulations.

Openpay, a lender that offered a buy-now, pay-later service, has been active in New Zealand since 2013, according to Stone. The issuing and publication of this formal warning demonstrate DIA’s willingness to take proportional action in response to non-compliance,” he said. Stone noted that the severity and consequences of DIA’s regulatory responses could vary from official warnings to criminal prosecution.

“We acknowledge Openpay is taking steps to establish, implement and maintain an anti-money laundering and countering the financing of terrorism program,” Mike Stone said. “DIA would continue to closely monitor Openpay,” he stated.

Shares of Openpay are traded on the Australian share market. The buy now, pay later services offered by Openpay generated transactions of A$344 million in the last fiscal year in New Zealand, the United States, Australia, and the United Kingdom. The company lost A$82.5 million before taxes, but it has promised to get profits in its Australian operations by June 2023. 

Suggested Read: FIAU Imposed a Fine of €130,000 on Olimp Limited for AML Failures

Related Posts

News

UAE Court Convicted 13 Indian Nationals and 7 Companies for Money Laundering Offenses

Thirteen Indian nationals and seven companies were charged with money laundering by the Abu Dhabi...

UAE Court Convicted 13 Indian Nationals and 7 Companies for Money Laundering Offenses Explore More

News

A Brussel Led Crackdown to be Held in Britain if EU Demands are not Met

MEPs have ordered Brussels to black-list the city of London if it does not comply with the EU’s D...

A Brussel Led Crackdown to be Held in Britain if EU Demands are not Met Explore More

News

FATF International Cooperation Review Group Meet in Mauritius to Discuss UAE’s Position on the Gray List

Despite ongoing financial crime, the US and several other Western countries have paid no heed to ...

FATF International Cooperation Review Group Meet in Mauritius to Discuss UAE’s Position on the Gray List Explore More

News

EU Proposes New AML Agency For Addressing Money Laundering

The EU document has been proposed to introduce tough action against money laundering in the regio...

EU Proposes New AML Agency For Addressing Money Laundering Explore More

News

The third man involved in ID theft scheme and money laundering is sentenced to jail

Minnesota man among the three criminals involved ID theft scheme and money laundering has finally...

The third man involved in ID theft scheme and money laundering is sentenced to jail Explore More

News

US Financial Authority Removes Provisional Crypto AML Regulations

The United States government removed two provisions from the National Defence Authorisation Act (...

US Financial Authority Removes Provisional Crypto AML Regulations Explore More

News

Turkey at Risk of Becoming a Haven for Russian Sanctions

Turkey is facing rising pressure for compliance with sanctions imposed on Russia and to increase ...

Turkey at Risk of Becoming a Haven for Russian Sanctions Explore More

News

European Commission Removes Morocco From High-Risk Money Laundering Watchlist

On Wednesday, the European Commission disclosed that Morocco was no longer listed on its high-ris...

European Commission Removes Morocco From High-Risk Money Laundering Watchlist Explore More

News

FATF Issues New Guidance on Mitigating Proliferation Financing Risk

The new guidance puts a spotlight on the need for effective onboarding processes, ongoing monitor...

FATF Issues New Guidance on Mitigating Proliferation Financing Risk Explore More

News

Pakistan Launches Contactless Biometric Verification for Banking

Pakistan has become one of the first countries in the world to implement biometric verification t...

Pakistan Launches Contactless Biometric Verification for Banking Explore More

News

UAE Central Bank Issues New Anti-Money Laundering Guidelines

The Central Bank stated that all financial institutions have a month to comply with the new AML g...

UAE Central Bank Issues New Anti-Money Laundering Guidelines Explore More

News

Japan Crypto Regulator States Easing of Restrictions Must Wait

The Japanese financial regulator FSA is reluctant about easing regulatory requirements for the cr...

Japan Crypto Regulator States Easing of Restrictions Must Wait Explore More

News

Adobe, Twitter and NYT Team Up Against Deepfakes

Deepfakes, whether synthetic or manipulated, are rising at an alarming rate. They can cause immen...

Adobe, Twitter and NYT Team Up Against Deepfakes Explore More

News

Cambodia and Thailand Police Forces Unite Against Money Laundering and Terrorist Financing

The Cambodian and Thailand National Police officers partner to bolster their strength against mon...

Cambodia and Thailand Police Forces Unite Against Money Laundering and Terrorist Financing Explore More

News

Experts Warn Many Firms Will Face Challenges With Latest FCA UK Crypto Law

The UK’s Financial Conduct Authority (FCA) updated the crypto industry regulations recently, whic...

Experts Warn Many Firms Will Face Challenges With Latest FCA UK Crypto Law Explore More

News

UAE Imposes Strict Penalties for AML and CFT Failings

The UAE is set to be removed from the FATF’s Gray List in the upcoming year as it substantially i...

UAE Imposes Strict Penalties for AML and CFT Failings Explore More

News

Drug Trade Proceeds Laundered Through Digital Currency ATMs, Says DEA

According to the U.S Drug Enforcement Administration’s report, digital currency ATMs are growingl...

Drug Trade Proceeds Laundered Through Digital Currency ATMs, Says DEA Explore More

News

Netflix ‘Update your payment” phishing scam is bypassing email spam filters

Phishing scams are taking a new turn as more and more people are using streaming services during ...

Netflix ‘Update your payment” phishing scam is bypassing email spam filters Explore More

News

Clearview AI will be facing the legal claims after critical NYT report

Clearview AI is an artificial intelligence firm providing facial recognition technology to US law...

Clearview AI will be facing the legal claims after critical NYT report Explore More

News

Cambodia and Thailand Police Forces Unite Against Money Laundering and Terrorist Financing

The Cambodian and Thailand National Police officers partner to bolster their strength against mon...

Cambodia and Thailand Police Forces Unite Against Money Laundering and Terrorist Financing Explore More

News

AUSTRAC, Home Affairs Say Tech Capability Not There Yet for Crypto Travel Rule

While it is understood that the crypto Travel Rule will prove to be a ‘game changer’,...

AUSTRAC, Home Affairs Say Tech Capability Not There Yet for Crypto Travel Rule Explore More

News

FATF Issues Guidance Paper For Incorporating Digital ID

The Financial Action Task Force (FATF) has issued a guidance paper, last week, that outlines a ri...

FATF Issues Guidance Paper For Incorporating Digital ID Explore More

News

Lloyds Banking Group Initiates “Pilot Scheme” to Combat Frauds

Lloyds bank initiates a “pilot scheme” with the London police to counter criminal act...

Lloyds Banking Group Initiates “Pilot Scheme” to Combat Frauds Explore More

News

FinCEN Implements Stringent KYC Regulations For Digital Wallet

The USA Treasury Department has proposed KYC- Know Your Customer Regulations for the digital asse...

FinCEN Implements Stringent KYC Regulations For Digital Wallet Explore More

News

Pokies are Safe Havens for Criminals to Clean Dirty Money – Says NSW Crime Commission

According to findings of a multi-agency investigation released by the NSW Crime Commission, pubs ...

Pokies are Safe Havens for Criminals to Clean Dirty Money – Says NSW Crime Commission Explore More

News

Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes

China’s top courts are set to impose heavier punishments to prevent financial crimes and mitigate...

Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes Explore More

News

US Senator Joe Manchin Introduces Digital Asset Anti-Money Laundering Act to Curb Unauthorised Crypto Flow

US Senator Joe Manchin, along with Senators Roger Marshall, Lindsy Graham, and Elizabeth Warren, ...

US Senator Joe Manchin Introduces Digital Asset Anti-Money Laundering Act to Curb Unauthorised Crypto Flow Explore More

News

Central banks urged to introduce digital alternatives to cash

According to a recent report from Positive Money, Central banks across the globe should issue a d...

Central banks urged to introduce digital alternatives to cash Explore More

News

US to Rigorously Implement Anti-Money Laundering in Crypto

A rule requiring cryptocurrency firms to share data about their customers will be strictly implem...

US to Rigorously Implement Anti-Money Laundering in Crypto Explore More

News

Turkey Set to Toughen AML Laws on Crypto Asset Platforms

Turkey is designing new and stricter obligations to prevent crypto-asset platforms from money lau...

Turkey Set to Toughen AML Laws on Crypto Asset Platforms Explore More

News

Black Friday Shoppers Alert: Digital Scam Victims Lose an Average of £1,000 Each

Black Friday shoppers have been advised to strengthen their cybersecurity as NFIB revealed that v...

Black Friday Shoppers Alert: Digital Scam Victims Lose an Average of £1,000 Each Explore More

News

BSP Seeks to Tighten Rules on Reporting ML/TF Threats

The Bangko Sentral ng Pilipinas (BSP) is seeking to tighten guidelines on reporting threats relat...

BSP Seeks to Tighten Rules on Reporting ML/TF Threats Explore More

News

KYC Alliance between Dubai Economy and six banks

As reported by Gulf News, Dubai Economy along with Emirates NBD, Emirates Islamic, HSBC, RAKBANK,...

KYC Alliance between Dubai Economy and six banks Explore More

News

Man arrested for money laundering offenses related to COVID-19

A 39-year-old Singaporean man has been apprehended for his suspected involvement in money launder...

Man arrested for money laundering offenses related to COVID-19 Explore More

News

Jamaica Shows Significant Progress in Anti-Money Laundering Compliance

Jamaica impressively complied with 37 recommendations from 40 international Financial Action Task...

Jamaica Shows Significant Progress in Anti-Money Laundering Compliance Explore More

News

South Africa Enforces New Rules to Transfer Funds Abroad

The South African Revenue Service (SARS) has made regulatory changes to transfer funds overseas, ...

South Africa Enforces New Rules to Transfer Funds Abroad Explore More

News

After China, Japanese Officials Considering to Introduce Digital Currency too

China has begun trials for its digital assets and issued 10 million yuan last week. The efforts o...

After China, Japanese Officials Considering to Introduce Digital Currency too Explore More

News

Ontario’s Casinos Need to Strengthen Efforts to Curb Money Laundering

According to Auditor General Bonnie Lysyk, Ontario’s casinos need to strengthen efforts in order ...

Ontario’s Casinos Need to Strengthen Efforts to Curb Money Laundering Explore More

News

Delta county bank president guilty of bank fraud

SHERMAN Texas – According to U.S. Attorney Stephen J. Cox, A 57-year-old former bank presid...

Delta county bank president guilty of bank fraud Explore More

News

HEDA Calls for Professional Regulatory Bodies to Sanction Corruption Enablers

The Human and Environmental Development Agenda (HEDA), the leading civic society organization on ...

HEDA Calls for Professional Regulatory Bodies to Sanction Corruption Enablers Explore More

News

US Treasury Hits Bittrex with $53 Million Fine Over Sanctions Violations

The US Treasury Department has imposed a $53 million fine on Bittrex for violating sanctions and ...

US Treasury Hits Bittrex with $53 Million Fine Over Sanctions Violations Explore More

News

COJ Organizes Anti-Money Laundering Unit to Meet FATF Standards

The Companies Office of Jamaica (COJ) has established an AML and CFT unit to comply with FATF req...

COJ Organizes Anti-Money Laundering Unit to Meet FATF Standards Explore More

News

EU Lawmakers Propose New Bill to Combat Money Laundering through NFTs

Members of the European Parliament have proposed a new bill to increase scrutiny of the NFT and D...

EU Lawmakers Propose New Bill to Combat Money Laundering through NFTs Explore More

News

Lake County Attorney Launches a Financial Crimes Unit to Combat Fraud

Lake County state’s attorney announced a new Financial Crimes Unit to deal with money laundering,...

Lake County Attorney Launches a Financial Crimes Unit to Combat Fraud Explore More

News

South Korea FSC Identifies 14 ‘Fake’ Crypto Accounts Held by VASPs

All crypto accounts in South Korea are directed to register under their real names. Third-party b...

South Korea FSC Identifies 14 ‘Fake’ Crypto Accounts Held by VASPs Explore More

News

Fintech funding dwindles amidst Coronavirus pandemic

Fintech funding reduced at the beginning of 2020 because the COVID-19 outbreak began to hit late ...

Fintech funding dwindles amidst Coronavirus pandemic Explore More

News

Updated Crypto AML Rule in South Korea Set to Take Effect from 25th March

South Korea’s official financial regulatory body, the Financial Services Commission (FSC), announ...

Updated Crypto AML Rule in South Korea Set to Take Effect from 25th March Explore More

News

EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments

European Union’s financial regulatory agency, the European Securities and Markets Authority (ESMA...

EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments Explore More

News

Nigerian-Owned Tech Firm, Flutterwave, Closes 45 Bank Accounts Due to Money Laundering

A group of 2,468 Nigerian nationals accused Flutterwave Payments Technology of defrauding them of...

Nigerian-Owned Tech Firm, Flutterwave, Closes 45 Bank Accounts Due to Money Laundering Explore More

News

House Bill Passed in Philippine to Enforce AML LAW

House of Representatives has approved legal amendments to regulate the developers, metal dealers,...

House Bill Passed in Philippine to Enforce AML LAW Explore More

News

COVID at EURO 2020 Reinforced the Need for Digital COVID Pass

With 2 infected players infiltrating the entire stadium, many are fearing the spread of COVID-19 ...

COVID at EURO 2020 Reinforced the Need for Digital COVID Pass Explore More

News

FCA Cracks Down on Various Operators Hosting Illegal Crypto Cash Machines Around Leed

The FCA (Financial Conduct Authority) suspects many sites around Leeds of hosting illegally opera...

FCA Cracks Down on Various Operators Hosting Illegal Crypto Cash Machines Around Leed Explore More

News

ACCC Calls for Heavy Penalties to Make Tech Giants Scam-free

The Australian Competition and Consumer Commission (ACCC) has demanded severe penalties linked to...

ACCC Calls for Heavy Penalties to Make Tech Giants Scam-free Explore More

News

The United Kingdom implements new Anti-Money Laundering regulations

The United Kingdom’s finance and economics department has announced the incorporation of new Anti...

The United Kingdom implements new Anti-Money Laundering regulations Explore More

News

UK to Set up CBDC Taskforce to Analyze the Possibility of ‘Britcoin’

The Bank of England along with the British Government plans to set up a task force to create digi...

UK to Set up CBDC Taskforce to Analyze the Possibility of ‘Britcoin’ Explore More

News

Regulators in Hong Kong Urge Banks to Accept Cryptocurrencies

Hong Kong banks are worried about regulatory repercussions for their crypto clients if money laun...

Regulators in Hong Kong Urge Banks to Accept Cryptocurrencies Explore More

News

India and the United States Collaborate to Combat Financial Crime

The US-India Dialogue on Anti-Money Laundering and Countering Terrorism Financing, jointly chaire...

India and the United States Collaborate to Combat Financial Crime Explore More

News

Arizona Bank Used to Funnel 11 Million USD in a Money Laundering Scheme

According to Federal prosecutors, a money-laundering scheme has been successful in funneling $11 ...

Arizona Bank Used to Funnel 11 Million USD in a Money Laundering Scheme Explore More

News

Customers warned of scams by the UK banking lobby amid COVID-19

Banking customers should be aware of fraudsters who are exploiting the COVID-19 epidemic to carry...

Customers warned of scams by the UK banking lobby amid COVID-19 Explore More

News

Guyana plans Amending Anti-Money Laundering Legislation

The government of Guyana is looking to amend the AML/CFT legislation in the National Assembly to ...

Guyana plans Amending Anti-Money Laundering Legislation Explore More

News

Study Reveals Alabama to be the Center for Identity Theft and Fraud

According to the latest study, Alabama has become the state with one of the highest rates of iden...

Study Reveals Alabama to be the Center for Identity Theft and Fraud Explore More

News

UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures

Six banks in the UAE have been issued financial sanctions by the UAE Central Bank for not complyi...

UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures Explore More

News

European Commission Removes Morocco From High-Risk Money Laundering Watchlist

On Wednesday, the European Commission disclosed that Morocco was no longer listed on its high-ris...

European Commission Removes Morocco From High-Risk Money Laundering Watchlist Explore More

News

UK’s Victoria Gate Casino Fined $613K over AML Failings

The Source of funds for 10 customers were left unidentified by UK’s Victoria Gate Casino, resulti...

UK’s Victoria Gate Casino Fined $613K over AML Failings Explore More

News

HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations

HM Revenue & Customs has fined property firms more than £1 million for not complying with ant...

HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations Explore More

News

UAE talks about developments in combatting the financing of terrorism

The NAMLCFTC inaugurated its second discussion on March 4 2021 and approved countermeasures that ...

UAE talks about developments in combatting the financing of terrorism Explore More

News

European parliament imposes ban on facial recognition technology

Following a public outcry after the leak of an internal memorandum discussing the utilization of ...

European parliament imposes ban on facial recognition technology Explore More

News

BPI Crackdowns on Money Mules to Secure Financial Institutions

The Bank of Philippine Islands (BPI) was flagged on Wednesday as it was suspected to be involved ...

BPI Crackdowns on Money Mules to Secure Financial Institutions Explore More

News

Google launches a new website to educate people about online scams

Hackers are more active during the COVID-19 outbreak than normal routine, considering which Googl...

Google launches a new website to educate people about online scams Explore More

News

ABLV Asset Management Fined with €57,217 for AML/CFT Violations

FCMC (Financial and Capital Market Commission) has enforced a fine of €57,217 on ABLV Asset Manag...

ABLV Asset Management Fined with €57,217 for AML/CFT Violations Explore More

News

FATF Criticized Cash-Rich Germany Over Money Laundering Concerns

FATF dealt a blow to Germany’s reputation, which considered itself high regarding its reput...

FATF Criticized Cash-Rich Germany Over Money Laundering Concerns Explore More

News

BSA-AML Compliance Group Disclose Names of Annual Gaming Conference Speakers

The BSA-AML Compliance group has revealed the names of the speakers attending the annual gaming c...

BSA-AML Compliance Group Disclose Names of Annual Gaming Conference Speakers Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started