In September 2019, Australia’s financial crime watchdog AUSTRAC mandated that an external auditor be appointed to investigate the concerns surrounding PayPal Australia’s compliance with the country’s AML/CFT Act 2006. Concerns rose due to issues with PayPal Australia’s compliance to the reporting obligations specified in AUSTRAC’s International Funds Transfer Instruction.
After the mandate, PayPal requested an extension of the external auditor’s appointment period. Following this request, in February 2020, AUSTRAC allowed an extension of the appointment until 31st August 2020.
AUSTRAC’s decision to grant an extension came after an evaluation of the scope and range of the PayPal Australia audit. It also considered the vastness and complexity of PayPal’s business operations in Australia and its overlapping global operations. The extended appointment period will facilitate a thorough evaluation of PayPal Australia’s compliance with the AML/CFT Act 2006.
