https://www.taxtmi.com/caselaws?id=440968 The Court determined that PayPal is considered a "payment system operator" under the Prevention of Money Laundering Act, 2002 (PMLA). While PayPal is required to adhere to reporting entity obligations, the penalties imposed by the Financial Intelligence Unit India (FIU-IND) were deemed unjustified and subsequently quashed. The Court highlighted that PayPal's compliance with anti-money laundering measures in other jurisdictions does not affect its obligations under the PMLA. Additionally, the Court emphasized that the interpretation of the term "payment system" under the PMLA should be broad to effectively combat money laundering. en-us Mon, 24 Jul 2023 00:00:00 +0530 Mon, 31 Jul 2023 06:50:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440968 The Court determined that PayPal is considered a "payment system operator" under the Prevention of Money Laundering Act, 2002 (PMLA). While PayPal is required to adhere to reporting entity obligations, the penalties imposed by the Financial Intelligence Unit India (FIU-IND) were deemed unjustified and subsequently quashed. The Court highlighted that PayPal's compliance with anti-money laundering measures in other jurisdictions does not affect its obligations under the PMLA. Additionally, the Court emphasized that the interpretation of the term "payment system" under the PMLA should be broad to effectively combat money laundering. Case-Laws Money Laundering Mon, 24 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440968