PayPal Australia gives AUSTRAC enforceable undertaking

AUSTRAC has accepted an enforceable undertaking from PayPal Australia Pty Ltd after an assessment of PayPal revealed deficiencies in the systems PayPal had in place to assess and manage its money laundering and terrorism financing risk in relation to its online payments business.

In the undertaking which ends 31 December 2011 PayPal has agreed to:

  • strengthen its existing systems and controls to comply with risk assessment requirements;
  • submit to AUSTRAC an independent expert report detailing PayPal Australia's compliance with AML/CTF laws and a plan to remedy identified deficiencies.
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