AUSTRAC accepts enforceable undertaking from PayPal
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has accepted an Enforceable Undertaking from PayPal Australia Pty Ltd to ensure its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
The undertaking comes after AUSTRAC identified concerns with PayPal’s systems, controls and governance in relation to its international funds transfer instructions (IFTI) reporting.
AUSTRAC Chief Executive Officer, Nicole Rose, said that the enforceable undertaking aims to ensure PayPal’s ongoing compliance with their AML/CTF obligations.
Nicole Rose commented:
“Every business with obligations under the AML/CTF Act must have robust systems in place to ensure they meet their AML/CTF requirements and play their part in protecting Australia’s financial system from criminal exploitation. PayPal has cooperated with AUSTRAC throughout the course of our regulatory enquiries demonstrating its commitment to maturing its AML/CTF compliance arrangements.
AUSTRAC will continue to work with PayPal to ensure that the changes and enhancements made to PayPal’s AML/CTF program are appropriate and sustainable and that the complex and technical work undertaken by PayPal has met its objectives in the real time operational environment”.