Openpay gets formal warning for AML non-compliance

Using Buy Now, Pay Later companies, customers can spread payments over time. (Image: Unsplash)

Fri, 04 Nov 2022

Buy Now, Pay Later operator Openpay has received a formal warning over not having an anti-money laundering/countering the financing of terrorism (AML/CFT) programme.Openpay has been operating in New Zealand since 2013.The Department of Internal Affairs (DIA) said Openpay is not alleged to be involved in money laundering or the financing of terrorism, but the company “failed to establish, implement, and maintain an AML/CFT programme, and failed to adequately monitor accounts and transactions over an extensive period”.The warning was...

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