PayPal has contended that only a bank or an authorised dealer of foreign exchange will be a reporting entity and it only a facilitator of financial transactions between registered banks
Committee on whether payment gateway reporting entity under PMLA contrary to court order: PayPal to HC
PayPal has contended that only a bank or an authorised dealer of foreign exchange will be a reporting entity and it only a facilitator of financial transactions between registered banks
PTI | May 20, 2021 | Updated 14:47 IST
American online payment gateway, PayPal, on Thursday told the Delhi High Court that the constitution of a committee to examine whether entities like it can be considered as a payment system operator and a reporting entity under PMLA was contrary to the court s orders.
Therefore, the report submitted by the committee was illegal, PayPal said to Justice Rekha Palli who was hearing the company s plea challenging a Rs 96 lakh penalty imposed on it by the Financial Intelligence Unit (FIU) India for alleged violation of the Prevention of Money Laundering Act (PMLA).
American online payment gateway giant PayPal has been imposed a Rs 9.6 million penalty by the FIU for alleged contravention of the anti-money laundering law and accused of concealing suspect financial transactions and abetting disintegration of India s financial system. PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is carefully reviewing the matter . The company has also been charged with defeating and frustrating the tenets of public interest and the provisions of the Prevention of Money Laundering Act (PMLA), which aims to keep the country s financial system safe from economic crimes, terrorist financing and black money transactions.
PayPal imposed with ₹96 lakhs penalty by FIU for anti-money laundering law
PTIDec 20, 2020, 14:35 IST
BUSINESSINSIDER
PayPal has been imposed a Rs 96 lakh penalty by the
FIU for alleged contravention of the anti-money laundering law and accused of concealing suspect financial transactions and abetting disintegration of India s
financial system.
PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is carefully reviewing the matter . The company has also been charged with defeating and frustrating the tenets of public interest and the provisions of the Prevention of Money Laundering Act (PMLA), which aims to keep the country s financial system safe from economic crimes, terrorist financing and black money transactions.
Source:
Highlights
The company has also been charged with defeating and frustrating the tenets of public interest and the provisions of the PMLA.
Calling the contraventions as deliberate and wilful , the Financial Intelligence Unit in a scathing 27-page order held the company guilty on three broad counts.
New Delhi: American online payment gateway giant PayPal has been imposed a Rs 96 lakh penalty by the FIU for alleged contravention of the anti-money laundering law and accused of concealing suspect financial transactions and abetting disintegration of India s financial system.
PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is carefully reviewing the matter .