PayPal in Australia faces external audit amidst sex offenders usage concerns

PayPal in Australia is facing an external audit of its compliance with anti-money laundering and terror financing laws, according to the Financial Times.

                                

This comes after concerns that child sex offenders may be using the platform to make payments.

Financial crime regulator, the Australian Transaction Reports and Analysis Centre (Austrac), said that an external auditor would examine the company’s obligations to report the transfer of funds to and from the country by those involved in crimes such as child sex exploitation.

Companies should make these reports to comply with Canberra’s Anti-Money Laundering and Counter-Terrorism Financing Act.

PayPal will pay for the audit but Austrac will decide the scope of the probe.

The American online payments system said this would not impact services for its Australian customers.

Austrac added that it would decide whether “any further regulatory action is required” after the audit.

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