PayPal slapped with ₹9.6 million fine by India’s top financial regulator under country’s money laundering laws - AML Intelligence
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PayPal slapped with ₹9.6 million fine by India’s top financial regulator under country’s money laundering laws

PayPal

PayPal has been fined ₹9.6 million (€106,000) by the Indian government for not complying with anti-money laundering laws and concealing suspicious transactions.

The Financial Intelligence Unit (FIU) under India’s finance ministry said the US-based online payments giant contravened anti-money laundering laws and abetted the “disintegration” of the country’s financial system.

The company has also been charged with “defeating and frustrating” the tenets of public interest and provisions of the Prevention of Money Laundering Act (PMLA), calling the contraventions “deliberate and willful”.

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