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Paypal involved in money laundering?

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#1 by perfectshops » Thu Feb 09, 2017 01:30

This is in the news on Market Watch

PayPal shares slip on subpoenas in money-laundering probe

Published: Feb 8, 2017 5:17 p.m. ET

"PayPal shares fell 2.2% to $39.99 after hours. In a filing with the Securities and Exchange Commission late Wednesday, the company said it received subpoenas "seeking the production of certain information related to our historical anti-money laundering program."

This is in the news. Check it out.
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#2 by lytt » Thu Feb 09, 2017 01:53

Paypal is an entity unto itself. It is not federally regulated as banking institutions are.
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#3 by fay1 » Thu Feb 09, 2017 06:13

perfectshops wrote: This is in the news on Market Watch

PayPal shares slip on subpoenas in money-laundering probe

Published: Feb 8, 2017 5:17 p.m. ET

"PayPal shares fell 2.2% to $39.99 after hours. In a filing with the Securities and Exchange Commission late Wednesday, the company said it received subpoenas "seeking the production of certain information related to our historical anti-money laundering program."


Thank you for posting this - now the closure of so many PTR related PayPal accounts makes more sense.

If PayPal are under pressure, then they will be sorting through their accounts to see who could be responsible for any kind of money laundering incidents. And up-front companies are deemed guilty by association (I mean association being what they do - as in PTR, not a connection with illegal sites)

PTR-land is full of scams and hypes, so it's logical to assume that in order to lessen the risk of PayPal being accused of aiding and abetting, they are clamping down on all sites of a similar nature which could be accused of money laundering, in order to protect themselves.

PTR is a logical place to target.

The more of what can be considered as grey area accounts PayPal can suspend/remove, before they have to produce the information requested in the subpoenas, the better chance PayPal has to continue trading and less likely they are to be prosecuted.

Much as we all hate what is going on and are hurting because of it, knowing the reasoning behind it takes some of the sting out of the situation.

So again, perfectshops, thank you for posting this information.
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#4 by Blueyedmoose » Thu Feb 09, 2017 09:17

While your post make sense why not get all the companies with the same business model. Until they get rid of all sites like Clixsense i have a problem with paypal is doing. Considering they as of now are still dealing with the shadier companies with this business model.

If i was looking to protect myself i would ax off neobux as one of my first choices.
Last edited by Blueyedmoose » Thu Feb 09, 2017 09:19 » edited 1 time in total
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#5 by perfectshops » Thu Feb 09, 2017 10:46

This is news on Boomberg

PayPal Holdings Inc.’s anti-money laundering program received subpoenas for information from the U.S. Department of Justice, the company said Wednesday in a filing.

PayPal shares dipped as much as 2.8 percent in extended trading after closing at $40.88.
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#6 by perfectshops » Thu Feb 09, 2017 10:49

This is news on Law360

PayPal Hit With Money Laundering, Sanctions Subpoenas
By Evan Weinberger

Law360, New York (February 8, 2017, 7:49 PM EST) -- PayPal Holdings Inc. on Wednesday revealed that it is being investigated for violations of anti-money laundering regulations and U.S. sanctions.

The San Jose, Calif.-based online payment processor said in a securities filing that it had received a subpoena from the U.S.
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#7 by sp1915 » Thu Feb 09, 2017 10:56

PayPal said it is cooperating with the investigation and that it is unable to predict the government's response.
I wonder if this was a domino effect from Western Union admitting Anti-Money Laundering and Consumer Fraud Violations, they forfeited $586 Million in a Settlement with Justice Department and Federal Trade Commission.

Sources:

US Dept. of Justice
Paypal
Last edited by sp1915 » Thu Feb 09, 2017 11:07 » edited 1 time in total
Reason: added source info
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#8 by valerie » Thu Feb 09, 2017 11:12

Actually, I think it is rather common.

This thread almost makes it sound like PayPal is involved in money laundering.
That is not the case.

The DOJ is not investigating PayPal per se. The DOJ is investigating some PayPal users.

I can't see any relation between PayPal discontinuing ClixSense and the DOJ investigating
some unscrupulous PayPal users, to say the least.

It is surely a well known fact by anyone doing business online, to stay updated with PayPal policies.
PayPal does and has for many years, have strict policies on what kind of businesses they allow for
transactions.

PayPal does let some well known, no threat, programs and companies slide. ClixSense has
always and I repeat always, been in non-compliance of PayPal's policy regarding MLM. However,
ClixSense is legitimate, has always had an extremely low upgrade option, and PayPal allowed
their transactions.

I believe PayPal has discontinued ClixSense for one reason and one reason only. That reason
is because their policy does not allow for MLM. Due to the over abundance of constant complaints,
no doubt, of all the network PTC scams and individual PTC scams, PayPal has now decided their
best interest is to enforce their policy once and for all.

If you want to argue the course of MLM, you may. Whether that be the exact word for it, does
not matter. The fact remains ClixSense IS an earning OPPORTUNITY. I do believe whole heartedly
PayPal would not have taken such action if it hadn't been for the thousands of scam PTC's out there.

So just know, it is not ClixSense fault. If you want to place blame some where, place it on all the
online low life scamsters.

In the mean time, you should be well aware of the options available to you. You should take out
some time to visit the sites, read, and see if it is an option you can use for payment....payoneer,
skill, etc. Do also realize that Tango does include gift cards and bit coins.
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#9 by Charez » Thu Feb 09, 2017 11:42

Paypal is acting weird since some months but not only with companies, with average people too as well.
Blame Marcel,as usual
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#10 by Marcel-R6 » Thu Feb 09, 2017 12:04

charez wrote: Paypal is acting weird since some months but not only with companies, with average people too as well.
Blame Marcel,as usual

Yeah thanks charez :lol:

I've had my own issues with Paypal in the past,they have one rule: they're always right...no matter what.
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#11 by sp1915 » Thu Feb 09, 2017 12:23

Well charez, if it would help from the flurry of posts and new topics being opened...Marcel won't mind one more blame.
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#12 by jjohnson777 » Thu Feb 09, 2017 12:45

Paypal been cracking down on this industry for past year. Funny thing all people acting like now warning. Now 10 years ago might be true but if you had no plans of if lost PayPal its because got no business being in business. Thankfully I made plans but once lost PayPal I saw not enough but at least I had started taking action years before. if I made no plans I would of closed like many done. One my friends owns few dozen multi-million member ptc sites just lost PayPal. He going do what should of done years ago load his sites with ads use single site he made years ago to sell cheap bulk traffic as that site has real merchant account basically he doing what I did as he seen if sell cheap enough can make enough.

I hate PayPal learned one thing they strike at worse time for me was day two of 10 week hospital stay. I prayed for God to strike down PayPal since that day. I forgive alot but I cannot forgive PayPal. I might forgive my parents for there cruel treatment of me since my stroke but if PayPal been little nicer I might been able afford to recover.
Last edited by jjohnson777 » Thu Feb 09, 2017 13:37 » edited 1 time in total
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#13 by jjohnson777 » Thu Feb 09, 2017 13:36

Is PayPal still on adhitz?
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#14 by ctestroote » Thu Feb 09, 2017 14:30

lytt wrote: Paypal is an entity unto itself. It is not federally regulated as banking institutions are.


Um yes they are. Theyre regulated by the Securities and Exchanges Commission.
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#15 by jjohnson777 » Thu Feb 09, 2017 15:05

They are not bank if were they could not hold money like do. Banks cuts checks when close accounts unless you did something illegal. Pretty quick doing it too.
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