SAN FRANCISCO: US authorities have demanded information from online payment service PayPal as part of a money laundering investigation, according to a regulatory filing available on Wednesday. “We have received subpoenas from the US Department of Justice seeking the production of certain information related to our historical anti-money laundering program,” Silicon Valley-based PayPal said in an annual report to the US Securities and Exchange Commission. PayPal noted that it was cooperating with authorities and did not speculate on the outcome of the investigation. No further details were provided. The news appeared to weigh slightly on PayPal shares, which were down more than 1.5 percent to US$40.24 in after-market trades on the Nasdaq.

Source: New Strait Times February 09, 2017 01:07 UTC