Money laundering is Achilles heel of forex fintechs, OFX boss warns

London | AUSTRAC’s growing activism is forcing Australia’s foreign-exchange fintechs to clear a continually rising bar, warns Skander Malcolm, chief executive of ASX-listed online cross-border payments company OFX.

For Mr Malcolm, this worry was metaphorically keeping him awake at night even before AUSTRAC unveiled its prosecution of Westpac: he revealed in an interview last month, not hitherto published, that he could see a crackdown coming – and it would hit OFX and its rivals in their “Achilles heel”.