AUSTRAC has issued a letter to the online payment platforms sector, warning businesses to tighten their controls to prevent payments for child sexual exploitation.
The warning comes after a supervisory campaign easily identified a number of customers suspected to be making payments for child sexual exploitation.
AUSTRAC’s regulatory operations team found issues across the sector, with low suspicious matter reporting, poor transaction monitoring and clear failures to identify and manage high-risk customers.
Payment platforms warned about child sexual exploitation risks
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