How does PayPal comply with or work around KYC requirements under US law?

Asked Oct 4, 2011· 1 answer ·Americas, Developed Markets, North America, United States

Faisal KhanAnswered Oct 4, 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.

Know Your Customer (KYC)Anti-Money Laundering (AML)Customer Due Diligence (CDD)Due Diligence Americas Developed Markets North America United States

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