On March 17th, it was reported by Reuters that the financial crime regulators in Australia announced that they will acknowledge a legitimate undertaking submitted by the local unit of PayPal Holdings, i.e. PYPL.O.
However, its objective is to ensure that operations being held by PayPal comply with Australian counter-terrorism financing and anti-money laundering regulations.
Back in 2019, an Australian regulatory body, AUSTRAC, which is responsible for oversea compliance with Australian financial regulation, commanded PayPal Australia Pty Ltd to employ an external auditor. This decision was made by AUSTRAC when it observed several issues with the reporting obligation in PayPal with regard to funding transfers.
As per the spokesperson from PayPal Australia, AUSTRAC was notified by the company itself about the issues within the reporting obligations and has been working closely with the regulatory entity through the examination.
In this statement, AUSTRAC claimed that PayPal has already taken comprehensive measures such as an independent audit, which aims to adhere to AML regulations in Australia.