SYDNEY: Australia's financial intelligence agency on Tuesday ordered an audit of PayPal Holdings Inc's compliance with local anti-money laundering and counter-terrorism financing laws, saying it was concerned reporting obligations had not been met.
"Regulated businesses like PayPal Australia, who facilitate payments and transactions for millions of Australian customers every year, play a critical role in helping AUSTRAC and our law enforcement partners stop the movement of money to criminals and terrorists," AUSTRAC Chief Executive Nicole Rose said in a statement.
It said suggestions the reason for the audit was the discovery of child sex exploitation connections were not correct."We are working in full cooperation with AUSTRAC to remediate this reporting system issue and to undertake the audit as outlined by AUSTRAC in the time specified," PayPal's senior communications director, Amanda Christine Miller, said in an email.U.S.