Australia orders audit of Paypal to ensure local unit complying with money laundering, terror laws

DN Bureau

Australia’s financial intelligence agency on Tuesday ordered the appointment of an external auditor to examine Paypal Australia’s compliance with anti-money laundering and counter-terrorism laws.

Representational image
Representational image

Sydney: Australia’s financial intelligence agency on Tuesday ordered the appointment of an external auditor to examine Paypal Australia’s compliance with anti-money laundering and counter-terrorism laws.

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AUSTRAC said the order was given amid concerns about Paypal Australia’s compliance with obligations to report international fund transfers.

“When we suspect non-compliance, AUSTRAC will take action to protect the Australian community,” said Nicole Rose, Chief Executive Officer, Austrac. (Reuters) 

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