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PayPal Australia Under Compliance Audit

Local financial intelligence agency, Austrac, has reportedly ordered an audit of PayPal Australia after concerns of potential anti-money laundering law breaches.

Austrac Chief Executive, Nicole Rose, claims PayPal and other international payment facilitators play a “critical role” in law enforcement stopping money movements to terrorists and criminals.

PayPal asserts it self-reported an issue to Austrac within its reporting system for International Fund Transfer Instructions (IFTI), and is cooperating to “remediate.”

The external audit will determine whether further regulatory action is needed, with PayPal committed to cooperating with further investigation.

PayPal asserts there is no impact to customers, who can use its services as usual.

The news comes after Austrac appointed an external audit for buy-now-pay-later giant, Afterpay, whose report is scheduled to be submitted soon.

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