How does PayPal comply with or work around KYC rules under the USA PATRIOT Act?
Payments
Asked by Question Bot04/Oct/20111 answer
1 Answer
F
Faisal Khan
Answered 04/Oct/2011
PayPal uses a pre-screened method, which implies that the financial instruments you use to open a PayPal account are have already been KYC'd, in this case a Credit Card and a Bank Account. PayPal, simply verifies that you are indeed the owner of such an account.
PayPal by law is required to do OFAC and SAR checks.
PayPal by law is required to do OFAC and SAR checks.