Australian regulator recognizes PayPal unit's commitment to comply with money laundering regulations
Australia's financial crime regulator announced on Friday that it has accepted an enforceable commitment from PayPal Holdings' local affiliate to uphold the nation's anti-money laundering and counter-terrorism financing regulations.
AUSTRAC, which is in charge of ensuring law compliance, ordered PayPal Australia Pty Ltd to employ an external auditor to examine fund transfers in 2019 after the regulator found issues with the company's reporting requirements.
"“PayPal Australia self-identified a reporting obligation issue to AUSTRAC. We have fully co-operated with AUSTRAC throughout their investigation…" according to a spokeperson from PayPal Australia.
PayPal has already made considerable efforts, including an independent audit, to verify its compliance with the anti-money laundering requirements, according to a statement from AUSTRAC.
By fLEXI tEAM