PayPal audit ordered by financial watchdog
The financial intelligence agency Austrac has ordered an audit of PayPal Australia over its compliance with anti-money laundering and counter-terrorism laws.
The external auditor will look at PayPal’s compliance with reporting and record-keeping obligations.
A former manager at Austrac Todd Harland tells Deborah Knight the company self-reported.
“It looks like PayPal has got on the front foot with it.
“We often see this as a tactic to be proactive with the regulator to try and memorise any sort of enforcement action.”
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