Australian regulator accepts PayPal unit's undertaking for money laundering laws


FILE PHOTO FILE PHOTO A smartphone with the PayPal logo is placed on a laptop in this illustration taken on July 14 2021. REUTERSDado RuvicIllustrationFile PhotoFile Photo

FILE PHOTO: FILE PHOTO: A smartphone with the PayPal logo is placed on a laptop in this illustration taken on July 14, 2021. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

(Reuters) - Australia's financial crime regulator said on Friday it accepted an enforceable undertaking from payments giant PayPal Holdings' local unit to ensure its compliance with the country's anti-money laundering and counter-terrorism financing laws.

In 2019, AUSTRAC, which is tasked with ensuring compliance with the laws, had ordered PayPal Australia Pty Ltd to appoint an external auditor to look at fund transfers after the regulator identified concerns with its reporting obligations.

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