The US Attorney for the Eastern District of Missouri has alleged that the PayPal payment service breached the anti-money laundering terms of the USA Patriot Act by transmitting funds from gambling companies, according to the annual report of PayPal's parent company, eBay.
Filed with the Securities and Exchange Commission last week, the online marketplace's report revealed that the Attorney's office is seeking to collect earnings received from online gambling merchants during the period from October 2001 to July 2002, as well as any interest accrued.
However, eBay has disputed the allegations, arguing that: 'PayPal acted in the good faith belief that its conduct did not violate (the USA Patriot Act) and PayPal calculates that the amount of its earnings from online gaming activities was less than asserted in the (US Attorney's) letter.'
The firm has not yet decided whether it will pay the sum requested in the settlement, according to reports.
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