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Companies & Markets

US queries PayPal in money laundering probe

Published Thu, Feb 9, 2017 · 01:32 AM
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[SAN FRANCISCO] US authorities have demanded information from online payment service PayPal as part of a money laundering investigation, according to a regulatory filing available on Wednesday.

"We have received subpoenas from the US Department of Justice seeking the production of certain information related to our historical anti-money laundering programme," Silicon Valley-based PayPal said in an annual report to the US Securities and Exchange Commission.

PayPal noted that it was cooperating with authorities and did not speculate on the outcome of the investigation. No further details were provided.

The news appeared to weigh slightly on PayPal shares, which were down more than 1.5 per cent to US$40.24 in after-market trades on the Nasdaq.

AFP

KEYWORDS IN THIS ARTICLE

Money laundering

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