Australia's financial intelligence agency on Tuesday ordered an audit of gl...
SYDNEY - Australia’s financial intelligence agency on Tuesday ordered an audit of global money transfers by digital payments giant PayPal Holdings Inc amid concerns they are facilitating serious crimes, including child exploitation.
AUSTRAC, which is tasked with ensuring compliance with the country’s anti-money laundering and counter-terrorism laws, ordered PayPal’s Australian unit to appoint an external auditor to look at the fund transfers. “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,” AUSTRAC Chief Executive Nicole Rose said in a statement.
“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,” PayPal’s senior communications director, Amanda Christine Miller, said in an email.U.S.-based PayPal operates a worldwide online payment service which connects buyers and sellers through a secure online wallet linked to both parties’ bank accounts.
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