PayPal Obliged to Fulfill Reporting Duties Under PMLA as Payment System Operator

Paypal Payments Private Limited Vs Financial Intelligence Unit India & Anr (Delhi High Court) Delhi High Court held that PayPal is liable to be viewed as “payment system operator” and obliged to comply with reporting entity obligation as placed under Prevention of Money Laundering Act, 2002 (PMLA). Facts- PayPal Payments Private Limited, the petitioner impugns the order passed by the first respondent the Financial Intelligence Unit India holding it to be a “reporting entity” under the Prevention of Money Laundering Act 2002 and consequently proceeding to impose monetary penalti...