PayPal Australia Pty Ltd. is facing an audit from the Australian Transaction Reports and Analysis Centre, or AUSTRAC, relating to concerns with the company's compliance with financial crime laws.
The concerns relate to PayPal Australia's compliance with its International Funds Transfer Instruction reporting obligations, which require the company to report the transfer of funds or property to or from Australia.
AUSTRAC ordered the appointment of an external auditor to examine the ongoing issues, with the auditor being required to report to AUSTRAC within 120 days of being appointed. The auditor will examine PayPal Australia's compliance with anti-money laundering laws and IFTI reporting obligations.
