Australia’s auditing, Paypal, for the purpose of money laundering and the terror, in compliance with the law

SYDNEY (Reuters) – Australia’s financial intelligence agency on Tuesday ordered an audit of the global money transfers, digital payments giant PayPal’s Holdings, Inc. in the middle, or in the facilitation of serious crimes, including the exploitation of children.

FILE PICTURE: PayPal’s logo is seen at an office in Berlin, Germany, on March 5, 2019 at the latest. REUTERS/Fabrizio Bensch/File Photo

AUSTRAC, which is responsible for the supervision of the compliance with the country’s anti-money laundering and anti-terrorism laws, as ordered, PayPal, Australian unity, for the appointment of an external auditor to look into the payments.

The agency is designated, to reduce the risk of child sex exploitation, as indicated in the control of PayPal and must be paid before you can send a message in reply within a period of 120 days.

“The regulated companies, such as PayPal, Australia, which will facilitate payments and transactions, and for the millions of Australian customers every year, and will play a key role in helping AUSTRAC, and our law enforcement partners to stop the movement of the money will go to criminals and terrorists,” AUSTRAC Chief Executive, Nicole, Rose, said in a statement.

PayPal said its Australian unit, reported himself to authorities after an internal review has identified an issue with the way in which it is reported to be in international money transfers to AUSTRAC.

“We are working in close co-operation with AUSTRAC, to the redevelopment of this report is to be a problem in the system, and for the conduct of the audit, such as that provided by AUSTRAC in the above-mentioned period of time,” PayPal’s senior communications director, Amanda Christine Miller said in an e-mail.

The audit would have no impact on clients, Miller added.

The US-based PayPal, a worldwide online payment service, which connects buyers and sellers through a secure online wallet which is linked to both of the parties’ bank accounts.

A preliminary report of an independent review commissioned by AUSTRAC in the buy now, pay later, the company Afterpay, Touch the Group in June, citing the cases of non-compliance with anti-money-laundering and the financing of terrorism, the law, and was due to be submitted to AUSTRAC, on our way to france.

Buy now, pay later (BNPL) devices, such as Afterpay allows shoppers to purchase products without payment in advance, and lacking the legal threshold to apply for a credit card or a loan and the concern about the shopper’s identity.

AUSTRAC and Afterpay does not directly respond to questions about it in this review.

The australian regulators are under constant pressure to perform, after the Royal Commission of inquiry into the financial sector’s wrongdoing on a large scale, and sentenced for their performances in the last couple of years. The Royal Commission is of the view that misconduct by financial institutions, it was revealed, it was free, or for the legal consequences, did not reflect the seriousness of what had happened.

Reporting by Colin Packham and Byron Kaye; Editing by Kim Coghill and Jane Wardell

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