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PayPal's progress of financial-crime governance sees end of Australian undertaking

( July 22, 2025, 02:08 GMT | Official Statement) -- MLex Summary: PayPal Australia is no longer subject to an enforceable undertaking, after the company completed a two-year remediation plan to improve its systems and controls relating to international funds transfer instructions, Australia’s financial-crime watchdog announced. In a statement, the Australian Transaction Reports and Analysis Centre said it had canceled the enforceable undertaking, which had been imposed in March 2023 after the regulator concluded that PayPal’s systems, controls and governance weren’t appropriate for the size and complexity of the company’s business and the money-laundering risks to which it was exposed. Both an external auditor and Austrac had agreed that PayPal had improved its practices, in line with the requirements of the undertaking.The full Austrac statement follows: ...

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