Cuscal faces questions over high-risk clients on eve of ASX debut
An offshore casino gained access to Australian payments infrastructure via Cuscal’s complex web of partners.
Australian payments infrastructure provider Cuscal is facing fresh scrutiny over its compliance risks on the eve of its eagerly anticipated ASX debut amid fresh revelations a downstream partner failed to properly screen their customers.
Cuscal is set to begin trading on the ASX on Monday following one of the biggest floats of the year, with the company selling shares worth more than $300 million to investors.
Capital Brief can reveal that at least one of Cuscal’s intermediaries inadvertently enabled a Cyprus-based online casino gain access to Australia’s payment rails due to a failure by its compliance team to properly vet a client.
The incident highlights one of the key risks associated with Cuscal’s payments business which helps 22 fintechs and their customers and their customers’ customers connect to the New Payments Platform (NPP) - the platform that supports PayID - and other key payments infrastructure.
