Australia’s financial crime watchdog is auditing PayPal for its compliance with money laundering and counter-terror laws.
Its investigation hinges on PayPal’s reporting of money transferred in and out of the country.
AUSTRAC chief executive Nicole Rose said businesses like PayPal played a critical role in stopping the movement of money to paedophiles and terrorists.
“PayPal is an important partner in the fight against crime,” Ms Rose said on Tuesday.
“However, when we suspect non-compliance AUSTRAC will take action to protect the Australian community.”
Any possible breaches could result in fines, compliance actions or criminal prosecutions.
PayPal said it was fully committed to complying with Australian laws.
“Following an internal review, our business in Australia self-disclosed an issue in our reporting system for international fund transfer instructions to AUSTRAC,” a company spokesperson said.
“We are working in full cooperation with AUSTRAC to remediate this reporting system issue and to undertake the audit as outlined by AUSTRAC in the time specified.
“There is no impact to our customers, who can continue to use PayPal services as usual.”
The external auditor will report back to AUSTRAC within four months.
PayPal will cover the costs of the audit.
-AAP
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