SUMMARY

PayPal has successfully undergone the necessary procedures to become a reporting entity under the Prevention of Money Laundering Act (PMLA)

Earlier, PayPal refused to register itself as a reporting entity under the provisions of the PMLA, arguing that it only operated in India as an Online Payment Gateway Service Provider (OPGSP)

The FIU serves as a national agency responsible for receiving, processing, analysing and disseminating information concerning suspicious financial transactions 

US-based online payment gateway PayPal has officially registered its operations with the Financial Intelligence Unit of India, six years after a legal battle between both the entities.

PTI reported that the company has completed the formal procedure of being designated as a reporting entity under the Prevention of Money Laundering Act (PMLA) recently and has submitted the requisite documents to the Financial Intelligence Unit (FIU).