PayPal Hit With Money Laundering, Sanctions Subpoenas
Law360, New York (February 8, 2017, 7:49 PM EST) -- PayPal Holdings Inc. on Wednesday revealed that it is being investigated for violations of anti-money laundering regulations and U.S. sanctions.
The San Jose, Calif.-based online payment processor said in a securities filing that it had received a subpoena from the U.S. Department of Justice seeking information related to its “historical anti-money laundering program” as well as new subpoenas related to potential sanctions violations from the U.S. Department of the Treasury.
“We are cooperating with the [Justice Department] in providing information in response to the subpoenas. We are unable to predict the outcome of the government's investigation,” PayPal said in the securities...
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