Australia has ordered an external audit of PayPal’s compliance with anti-money laundering and terror financing laws in response to concerns that child sex offenders may be using the platform to make payments. The Australian Transaction Reports and Analysis Centre, a financial crime regulator, said on Tuesday that an external auditor would examine the company’s obligations to report the transfer of funds to and from the country by those involved in serious crimes such as child sex exploitation. Companies must make these reports to comply with Canberra’s Anti-Money Laundering and Counter-Terrorism Financing Act. Read More...
Australia has ordered an external audit of PayPal’s compliance with anti-money laundering and terror financing laws in response to concerns that child sex offenders may be using the platform to make payments. The Australian Transaction Reports and Analysis Centre, a financial crime regulator, said on Tuesday that an external auditor would examine the company’s obligations to report the transfer of funds to and from the country by those involved in serious crimes such as child sex exploitation. Companies must make these reports to comply with Canberra’s Anti-Money Laundering and Counter-Terrorism Financing Act.
Add Comment