Australia’s financial intelligence agency on Tuesday ordered an audit of PayPal Holdings Inc’s compliance with local anti-money laundering and counter-terrorism financing laws, saying it was concerned reporting obligations had not been met. AUSTRAC, which is tasked with ensuring compliance with the laws, ordered PayPal’s Australian unit to appoint an external auditor to look at the fund transfers at its own cost and report back within 120 days. AUSTRAC said in a statement that International Funds Transfer Instructions reported by the financial sector provided intelligence that enabled the agency and its partners to combat serious crimes, such as child sex exploitation.

source https://finance.yahoo.com/news/australia-audits-paypal-money-laundering-093557986.html?.tsrc=rss