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PayPal audit ordered by financial watchdog

Article image for PayPal audit ordered by financial watchdog

The financial intelligence agency Austrac has ordered an audit of PayPal Australia over its compliance with anti-money laundering and counter-terrorism laws.

The external auditor will look at PayPal’s compliance with reporting and record-keeping obligations.

A former manager at Austrac Todd Harland tells Deborah Knight the company self-reported.

“It looks like PayPal has got on the front foot with it.

“We often see this as a tactic to be proactive with the regulator to try and memorise any sort of enforcement action.”

Click PLAY to hear the full interview

Deborah Knight
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