Australia’s financial crime watchdog, AUSTRAC, has ordered an audit of Airwallex Pty, a payment platform, due to concerns about its compliance with anti-money laundering and counter-terrorism financing regulations. AUSTRAC stated it is worried that Airwallex’s transaction monitoring program may not be adequately addressing the risks associated with facilitating international fund transfers.
AUSTRAC also raised concerns that Airwallex has not clearly defined its customer base or reporting obligations. The regulator is particularly focused on how effectively Airwallex identifies and reports suspicious activities, as well as the oversight of these critical responsibilities. Brendan Thomas, AUSTRAC’s Chief Executive Officer, emphasised the importance of these obligations.
Airwallex is a financial technology company that facilitates international payments for businesses. It provides a platform for cross-border transactions, offering tools for currency exchange and global money transfers. The payment platform, co-headquartered in San Francisco and Singapore, is backed by investors including Tencent, DST Global, and Hillhouse. Airwallex has stated it will fully cooperate with AUSTRAC’s external auditor review.
Airwallex noted that an independent auditor had validated its program in Australia in 2025, following an AUSTRAC audit in 2024. Furthermore, on Wednesday, Airwallex announced its acquisition of South Korea’s Paynuri Co Ltd, obtaining local payments licences and a foreign-exchange business registration to enable direct operations in South Korea as part of its Asian expansion.
