Australian financial watchdog orders audit of payments firm Airwallex | AGB
Summary
Australia’s financial intelligence regulator AUSTRAC has ordered an external audit of global payments company Airwallex under section 162 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The independent review will assess whether the Airwallex Designated Business Group is meeting its AML/CTF obligations, with particular focus on transaction monitoring, customer due diligence and the reporting of suspicious matters. AUSTRAC flagged concerns about whether Airwallex’s transaction monitoring is properly calibrated to the cross-border risks it faces and whether the company sufficiently understands its customer base. The auditor must report findings to AUSTRAC within 180 days and the audit will be carried out at Airwallex’s expense. AUSTRAC said the results will inform any further regulatory action and reiterated that boards and senior management must actively oversee compliance.
Key Points
- AUSTRAC has ordered an independent audit of Airwallex under section 162 of the AML/CTF Act.
- The review will examine Airwallex’s AML/CTF programme, ongoing customer due diligence and suspicious matter reporting.
- Regulator is concerned that transaction monitoring may not be calibrated to the risks of cross-border fund transfers.
- The auditor must report to AUSTRAC within 180 days; the audit will be conducted at Airwallex’s cost.
- AUSTRAC emphasised that board and senior management oversight of AML/CTF obligations is expected; further action may follow depending on findings.
Why should I read this?
Look — if you deal with payments, gaming, fintech or move money across borders, this is relevant. A regulator auditing a major payments player could change compliance demands, partner relationships and onboarding practices. It’s a handy heads-up to check your own controls and any dependencies on Airwallex.
Context and Relevance
The audit reflects a wider trend of intensified regulatory scrutiny on payment platforms that handle cross-border transactions. For businesses in digital commerce and gaming that rely on third-party payment infrastructure, the AUSTRAC action could mean tighter due diligence, contract reviews or operational changes. It also signals regulators expect visible, active oversight from senior management and boards on AML/CTF matters.