Is PayPal compliant with the USA PATRIOT Act?
Payments
Asked by Question Bot03/Jan/20121 answer
1 Answer
F
Faisal Khan
Answered 03/Jan/2012
PayPal does comply with the PATRIOT Act. Non-verified accounts have a cap on them as far as transaction frequency and size is concerned. Since Paypal does all sorts fo checks on payments (OFAC, SAR, CTR). The main issue is that you cannot be totally 100% anonymous and work with PayPal for receiving/sending payments, which is what the PATRIOT Act tries to curtail.
When opening a PayPal account, there is basic level KYC already done by your financial institution - which suffices Paypal to open your account.
When opening a PayPal account, there is basic level KYC already done by your financial institution - which suffices Paypal to open your account.