Afterpay hit an all time high once again on Wednesday, following news that financial crime watchdog AUSTRAC, would not be taking regulatory action against the Buy Now Pay Later leader.
Afterpay confirmed that it had received final notification from AUSTRAC that it had reviewed a final audit report, undertaken by Independent Auditor Neil Jeans, examining the Company’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
In response to the findings, AUSTRAC decided it will not be taking any further regulatory action. AUSTRAC also noted that Afterpay had uplifted its AML/CTF compliance framework and financial crime function, and satisfactorily completed all required remediation activity.
Afterpay’s Chair, Elana Rubin commented:
“We are pleased to have received AUSTRAC’s decision following the external audit as it provides the Company and its stakeholders with certainty and acknowledges the work the Company has undertaken to strengthen its AML/CTF compliance.”
Afterpay shares hit a record high $96.68 and closed 1.7 per cent higher at $96.09. The company's share price has risen an extraordinary 1100% since its March low of $8.01.