NSTworld:The agency singled out the risk of child sex exploitation as it announced the audit, which PayPal must pay for before reporting back within 120 days.
AUSTRAC, which is tasked with ensuring compliance with the country’s anti-money laundering and counter-terrorism laws, ordered PayPal’s Australian unit to appoint an external auditor to look at the fund transfers.
“Regulated businesses like PayPal Australia, who facilitate payments and transactions for millions of Australian customers every year, play a critical role in helping AUSTRAC and our law enforcement partners stop the movement of money to criminals and terrorists,” AUSTRAC Chief Executive Nicole Rose said in a statement.
“We are working in full cooperation with AUSTRAC to remediate this reporting system issue and to undertake the audit as outlined by AUSTRAC in the time specified,” PayPal’s senior communications director, Amanda Christine Miller, said in an email.U.S.-based PayPal operates a worldwide online payment service which connects buyers and sellers through a secure online wallet linked to both parties’ bank accounts.
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