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Australia audits PayPal for laundering, terror law compliance
- Tuesday | 24th September, 2019
SYDNEY (Reuters) – Australia’s financial intelligence agency on Tuesday ordered an audit of PayPal Holdings Inc’s compliance with local anti-money laundering and counter-terrorism financing laws, saying it was concerned reporting obligations had not been met. AUSTRAC, which is tasked with ensuring compliance with the laws, ordered PayPal’s Australian unit to appoint an external auditor to look at the fund transfers at its own cost and report back within 120 days. PayPal said its Australian unit reported itself to authorities after an internal review found an issue with the way it reported international fund transfers to AUSTRAC. It said suggestions the reason for the audit was the discovery of child sex exploitation connections were not correct. US-based PayPal operates a worldwide online payment service which connects buyers and sellers through a secure online wallet linked to both parties’ bank accounts.
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