Australia orders audit of PayPal to ensure law compliance
The Australian Center for Transaction Analysis and Reporting (Austrac) wants to certify that the payment platform complies with the law against money laundering and terrorist financing
The Australian Center for Transaction Analysis and Reporting (Austrac) will conduct an audit of the PayPal payment company to determine if it complies with all regulations set forth in the legislation against money laundering and terrorism financing, as announced on Tuesday.
Specifically, the regulator will focus on investigating whether PayPal meets its obligations to report the transfer of funds or properties to and from Australia.
“Regulated businesses such as PayPal Australia, which facilitate payments and transactions to millions of Australian customers each year, play a critical role in helping Austrac and our partners in enforcing the law to stop the movement of money from criminals and terrorists,” he said. Austrac CEO Nicole Rose.
The chosen auditor will have to deliver a report to the regulators within 120 days after being appointed.
K. Tovar
Source: Gestión
