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AUSTRAC grants extension for PayPal Australia audit

On 23 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 (the AML/CTF Act).

These concerns relate to PayPal Australia’s compliance with its International Funds Transfer Instruction reporting obligations. 

On 27 February 2020, AUSTRAC granted an extension to the appointment of the external auditor until 31 August 2020 following a request from PayPal. 

AUSTRAC has granted the extension taking into consideration 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 will allow PayPal Australia and the external auditor to fully examine their compliance with the AML/CTF Act.