Buy now, pay later: how Afterpay went from a triumphant share issue to an Austrac investigation

Austrac says it suspects Afterpay breached anti-money laundering and counter-terrorism financing laws

Last week Australia's financial watchdog, Austrac, ordered the popular buy now, pay later company Afterpay to appoint an external auditor over concerns about the company's compliance with anti-money laundering and terrorism-financing laws.

Stocks in the company have tumbled, and questions are being asked about the timing of the audit - announced only a day after the company raised more than $300m in a share offering on the Australian stock exchange.