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Financial Intelligence Unit slaps ₹96 lakh fine on PayPal

The Finance Ministry's Financial Intelligence Unit (FIU) has slapped at ₹96 lakh penalty against PayPal Payments Private Limited, the global payments giant's Indian arm, in an order dated December 17, 2020.  The primary charge against PayPal is that it failed to register itself with the FIU for several years, which is a violation of  Prevention of Money Laundering Act, 2002 (PMLA). This is the first time that the FIU has issued a penalty against a payments system provider and operator in the country for not following anti-money laundering norms. The order is based on an FIU direction which PayPal did not comply with and in response in September 2019 the FIU issued the company a show cause notice. In its order, the FIU said that "there is ample evidence of the willful violation of the law and, therefore, PayPal cannot…

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