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SAN FRANCISCO, Jan. 13, 2021 /PRNewswire/ The global social commerce market size is expected to
reach USD 3,369.8 billion by 2028, according to a study conducted by Grand View Research, Inc. It is anticipated
to expand at a CAGR of 28.4% from 2021 to 2028. Social commerce is the incorporation of social media and e-commerce, which is used for selling and promoting products and services. The market is primarily driven by the growing number of social media users, along with rising built-in e-commerce projects. For instance, in March 2019, Instagram launched a checkout feature, which allows users to complete the purchase process without having to leave the app.
American online payment gateway giant PayPal has been imposed a Rs 9.6 million penalty by the FIU for alleged contravention of the anti-money laundering law and accused of concealing suspect financial transactions and abetting disintegration of India s financial system. PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is carefully reviewing the matter . The company has also been charged with defeating and frustrating the tenets of public interest and the provisions of the Prevention of Money Laundering Act (PMLA), which aims to keep the country s financial system safe from economic crimes, terrorist financing and black money transactions.
PayPal imposed with ₹96 lakhs penalty by FIU for anti-money laundering law
PTIDec 20, 2020, 14:35 IST
BUSINESSINSIDER
PayPal has been imposed a Rs 96 lakh penalty by the
FIU for alleged contravention of the anti-money laundering law and accused of concealing suspect financial transactions and abetting disintegration of India s
financial system.
PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is carefully reviewing the matter . The company has also been charged with defeating and frustrating the tenets of public interest and the provisions of the Prevention of Money Laundering Act (PMLA), which aims to keep the country s financial system safe from economic crimes, terrorist financing and black money transactions.
FIU Slaps Rs 96 Lakh Penalty Against PayPal for Violating India s Anti-money Laundering Processes
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American online payment gateway giant PayPal has been imposed a Rs 96 lakh penalty by the FIU for alleged contravention of the anti-money laundering law and accused of concealing suspect financial transactions and abetting disintegration of India s financial system. PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is carefully reviewing the matter .
The company has also been charged with defeating and frustrating the tenets of public interest and the provisions of the Prevention of Money Laundering Act (PMLA), which aims to keep the country s financial system safe from economic crimes, terrorist financing and black money transactions. Calling the contraventions as deliberate and wilful , the Financial Intelligence Unit (FIU) in a scathing 27-page order issued on December 17 held the company guilty on
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The company has also been charged with defeating and frustrating the tenets of public interest and the provisions of the PMLA.
Calling the contraventions as deliberate and wilful , the Financial Intelligence Unit in a scathing 27-page order held the company guilty on three broad counts.
New Delhi: American online payment gateway giant PayPal has been imposed a Rs 96 lakh penalty by the FIU for alleged contravention of the anti-money laundering law and accused of concealing suspect financial transactions and abetting disintegration of India s financial system.
PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is carefully reviewing the matter .