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Austrac’s PayPal Probe Likely To Avoid Courts

Austrac is nearing the final stages of a probe into whether PayPal Australia complied with compulsory reporting obligations.

The financial crimes regulator has been investigating if PayPal Australia breached laws involving the compulsory reporting of all funds transferred in and out of the country, part of Austrac’s focus on anti-money laundering and counter-terrorism financing laws.

“Austrac is nearing completion of our enforcement investigation into PayPal,” Nicole Rose confirmed over the weekend.

“It is our strong expectation it will be concluded in the coming months.”

Austrac’s probe began in September, 2020, amid reports of over 300 million instances of breach.

The Australian quotes “sources close to the matter”, who say Austrac will most likely avoid court action and instead enter an enforceable undertaking with the payment giant.

“We continue to work closely with Austrac on this matter. It would not be appropriate to comment any further at this stage,” a PayPal spokesperson said.

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