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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.

November 24, 2009 in Anti-money laundering | Permalink

Comments

Presently going through a couple of seller disputes with paypal re non delivery.Paypal without any word immediately debitted my account even though I had proof of delivery and put the money on hold for the buyers re final outcome.The worst thing about paypal is that they do not disclose to the seller that the seller will be paying for the Paypal buyers guarantee .Anyway I decided that both Ebay and paypal were not for me anymore after about 1000 sales.They are nearly impossible to resign from both Ebay and Paypal collude by sharing info and telling you you cannot resign due to outstanding claims and debts. I told them to debit my credit card as they do every month for charges and finalise my acct.It is obvious that they wont do that so they can keep charging me fees.I really wonder how they can be allowed to operate in such a grimy manner.I am thrilled to know that I will be finished with them shortly.I consider them both as bottom feeders.Whenever I write to them I get a crappy computer generated email back that tells me nothing.

Posted by: tom hardy | Mar 27, 2011 3:34:20 PM

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