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Top related persons:
Fabrizio Bensch - 1 Sarah Court - 1 Roushni Nair - 1 Poonam Behura - 1 Shailesh - 1
Top related locs:
Berlin Germany Bengaluru
Top related orgs:
PayPal - 1 REUTERS - 1 Australian Securities and Investments Commission - 1 PayPal Australia - 1 Thomson - 1

Search resuls for: "PayPal Australia"


2 mentions found


☆ Australian regulator sues PayPal unit over unfair term in small business contracts
  + stars: | 2023-09-06 | by ( ) www.reuters.com   time to read: +2 min
The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. The Australian Securities and Investments Commission (ASIC) said it has started proceedings against PayPal Australia Pty Ltd in a case that highlights a contract term that gives PayPal business account holders 60 days to notify discrepancies in fees charged. The regulator views the term as unfair as it authorises PayPal to retain fees it has inaccurately charged. "We allege this term is unfair because it allows PayPal to escape the consequences of its own errors in overcharging small businesses, and places additional burdens on small businesses to detect and correct charging errors," ASIC Deputy Chair Sarah Court said. As at June 30, there were about 608,275 business account contracts between PayPal and active users in the country.
Persons: Fabrizio Bensch, Sarah Court, Roushni Nair, Poonam Behura, Shailesh Organizations: PayPal, REUTERS, Australian Securities and Investments Commission, PayPal Australia, Reuters, Thomson Locations: Berlin, Germany, Bengaluru
☆ Australian regulator accepts PayPal unit's undertaking for money laundering laws
  + stars: | 2023-03-17 | by ( ) www.reuters.com   time to read: +1 min
March 17 (Reuters) - Australia's financial crime regulator said on Friday it accepted an enforceable undertaking from payments giant PayPal Holdings' (PYPL.O) 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. "PayPal Australia self-identified a reporting obligation issue to AUSTRAC. We have fully co-operated with AUSTRAC throughout their investigation..." a PayPal Australia spokesperson said. AUSTRAC said in a statement that PayPal has already undertaken significant work, including an independent audit, to ensure its compliance with the anti-money laundering obligations.
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