PayPal Australia must appoint an external auditor to examine "ongoing concerns" over its compliance with anti-money laundering and counter-terrorism financing laws, the financial intelligence agency Austrac has ordered.Austrac on Tuesday announced the compliance audit, which will look into rules that require businesses to report funds or property transferred to or from Australia.
“Regulated businesses like PayPal Australia, who facilitate payments and transactions for millions of Australian customers every year, play a critical role in helping Austrac and our law enforcement partners stop the movement of money to criminals and terrorists,” chief executive Nicole Rose said. “PayPal is an important partner in the fight against crime. However, when we suspect non-compliance Austrac will take action to protect the Australian community.”The external audit will look at PayPal's compliance with various obligations relating to financial reporting and record-keeping. Austrac said the results of the audit would inform whether any further "regulatory action" was required against PayPal.
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