PayPal Australia agrees to tighten security against money launderers and criminals
Posted in: Legal, Privacy & Security at 24/11/2009 17:21
Australia's financial transactions regulator has given eBay subsidiary PayPal Australia until May next year to bulletproof its online payment service against money launderers and terrorism financiers.
PayPal accepted the deadline yesterday as part of enforceable undertakings ratified by the Australian Transactions Reports and Analysis Centre (AUSTRAC) in a bid to resolve a dispute with the regulator that has bubbled away for more than a year.
AUSTRAC finds PayPal deficient
PayPal has promised the Australian Transaction Reports and Analysis Centre (AUSTRAC) to improve its act on anti-money laundering and counter-terrorism financing.