Australia's financial crime watchdog is auditing PayPal's compliance with money laundering and counter-terror laws.AUSTRAC chief executive Nicole Rose said businesses like PayPal played a critical role in stopping the movement of money to paedophiles and terrorists."However, when we suspect non-compliance AUSTRAC will take action to protect the Australian community."
A Paypal spokesperson contacted 9news.com.au, saying the business is fully committed to complying with AUSTRAC regulations. "PayPal is fully committed to complying with all applicable laws and regulations in the 200+ markets in which we operate. Following an internal review, our business in Australia self-disclosed an issue in our reporting system for International Fund Transfer Instructions to AUSTRAC," the spokesperson said in a statement.
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