AUSTRAC extends PayPal Australia audit until Aug 31, 2020

Maria Nikolova

AUSTRAC has granted the extension taking into account the scope of the audit, the size and complexity of PayPal Australia’s business operations.

The audit of PayPal Australia has been extended due to a request by the company, AUSTRAC said today.

As FinanceFeeds has reported, in September 2019, AUSTRAC ordered the appointment of an external auditor to examine ongoing concerns regarding PayPal Australia’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. These concerns relate to PayPal Australia’s compliance with its International Funds Transfer Instruction reporting obligations.

The external auditor has to report to AUSTRAC within 120 days of being appointed and has to examine PayPal Australia’s compliance with its:

  • AML/CTF Program obligations;
  • International Funds Transfer Instruction (IFTI) reporting obligations;
  • Record keeping obligations.

The results of the audit are set to assist PayPal with its compliance, but also inform AUSTRAC whether any further regulatory action is required. The extent of the auditor’s check is determined by AUSTRAC and the expenses will be covered by PayPal Australia.

On February 27, 2020, AUSTRAC granted an extension to the appointment of the external auditor until August 31, 2020 following a request from PayPal. AUSTRAC has approved the request for an extension taking into account the scope of the audit, the size and complexity of PayPal Australia’s business operations and the overlap with PayPal’s international operations.

The extension is poised to allow PayPal Australia and the external auditor to fully examine their compliance with the AML/CTF Act.

Read this next

Institutional FX

CLS FX volume continues downward trend in August

Total daily traded volume submitted to CLS for settlement took yet another step back in August.

Digital Assets

Huobi taps AstroPay to facilitate fiat-to-crypto payment in Latin America

Huobi, the world’s sixth-largest crypto exchange by trading volume, has recently partnered with payment solution provider AstroPay to launch local currency account deposits and withdrawals in Latin America.

Digital Assets

Crypto exchange FTX to raise $1 billion at flat valuation of $32 billion

FTX is reportedly in discussions with a clutch of heavyweights from traditional finance to raise up to $1 billion in fresh funding to fuel more deal-making.

Digital Assets

Revolut US launches trading on Avalanche, Solana, and Dogecoin

British fintech and banking firm Revolut has further expanded its cryptocurrency offering in the US with the addition of 29 new tokens.

Digital Assets

Bahrain greenlights eazyPay to launch Binance Pay

The Central Bank of Bahrain has blessed a new partnership inked by Binance with Eazy Financial Services ‘eazyPay’, a local POS and online payment service provider. The greenlight enables EazyPayto to launch Bitcoin and cryptocurrency payments in the region.

Digital Assets

Coinbase approved to offer crypto for Dutch users

Nasdaq-listed crypto exchange operator Coinbase has been handed regulatory approval to operate as a crypto service provider in the Netherlands.

Metaverse Gaming NFT

AC Milan partners with Solana-based NFT football game MonkeyLeague

“Partnering with champions like AC Milan, an absolute iconic Club throughout footballs history, is another testament to what we are building and where we are headed as a game and game studio. It also represents a key step in our plans to bridge the Web2 and Web3 worlds.”

Digital Assets

Shariah-compliant Islamic Coin to support SDG-compliant ventures, green projects, and philanthropy

Shariah-compliant Islamic Coin has recently launched a collaboration with the World Green Growth Organization and the International Youth Conference 6, taking place on September 22-25th and September 30th-October 1st, 2022, in New York. 

Market News

Week ahead: US core PCE and eurozone CPI 

We heard from a range of central banks last week and the update sparked big moves in the markets, and the bulk of the volatility was in currencies.