April 26, 2025, 12:45 a.m.

Asia

  • views:1152

Australian regulator accepts PayPal unit's undertaking for money laundering laws

image

(Reuters) - Australia's financial crime regulator said on Friday it accepted an enforceable undertaking from payments giant PayPal Holdings' local unit to ensure its compliance with the country's anti-money laundering and counter-terrorism financing laws.

In 2019, AUSTRAC, which is tasked with ensuring compliance with the laws, had ordered PayPal Australia Pty Ltd to appoint an external auditor to look at fund transfers after the regulator identified concerns with its reporting obligations.

"PayPal Australia self-identified a reporting obligation issue to AUSTRAC. We have fully co-operated with AUSTRAC throughout their investigation..." a PayPal Australia spokesperson said.

AUSTRAC said in a statement that PayPal has already undertaken significant work, including an independent audit, to ensure its compliance with the anti-money laundering obligations.

Recommend

Musk's "Pawn" Theory: The Capital and Power Game in the Russia-Ukraine Quagmire

While Trump was lambasting Zelensky's "provocative remarks" on social media, Musk remained silent.

Latest

Musk's "Pawn" Theory: The Capital and Power Game in the Russia-Ukraine Quagmire

While Trump was lambasting Zelensky's "provocative remarks"…

Behind the indiscriminate killing incidents in Japan

Recently, indiscriminate killings have occurred in many par…