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E-wallets and CRS

Exchange ideas and share info about all e-wallets
vivekananda
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Re: E-wallets and CRS

Fri Feb 17, 2017 5:10 pm

Arbusers wrote: We have some good news at last.

Great,

thank you for sharing this with us.

So this is it then? We are ok for this year? Forever? :)

what do you think?

Cheers
ISIN
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Re: E-wallets and CRS

Sat Feb 18, 2017 5:03 pm

Many thanks Arbusers for finding this out.
Their answer seems logical to me.

Although, ss Neteller governed by the FCA (and ultimately by the HMRC)?
I thought they were licensed in the Island of Man.
And only Skrill is in the UK.
Pete1928
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Re: E-wallets and CRS

Sat Feb 18, 2017 6:41 pm

It's not up to me to say but I believe the Isle of Man has almost identical laws as UK, and pretty much goes with regulations that HMRC sets up.

I wonder why Paysafe still doesn't want to reply to any of their clients that they're not participating, and instead is ignoring the questions.

But, this has to be good news, we'll take it! :)
Pete1928
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Re: E-wallets and CRS

Sat Feb 18, 2017 6:44 pm

NETELLER was created in 1999 in Canada and moved to the Isle of Man in 2004.[3] Paysafe Group Plc is listed as an "Authorised Electronic Money Institution".[4]

In 2015, Optimal Payments Plc (now Paysafe Group Plc) finalized a transformational transaction for the global payments industry – the acquisition of Skrill Group, one of Europe’s largest online payments systems and among the world’s largest independent digital wallet providers.

NETELLER is not a bank and does not lend customers' funds. It is required under FCA e-money regulations to maintain customer funds in separate trust accounts, separate from its operating cash, sufficient to repay all customer balances at the same time
vidic26
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Re: E-wallets and CRS

Mon Feb 20, 2017 9:59 am

And, whats happening with ecopayz?
Pete1928
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Re: E-wallets and CRS

Mon Feb 27, 2017 7:42 am

I hate to be the downer guy, but I don't know what this means, and would like some input, what do you guys think?

So,a colleague of mine wanted Skrill to confirm this FCA news (which is great news) and what happened since, I don't even know what to think.

-------------
Thank you for contacting the Skrill Help Team.

Further to your inquiry, please be advised that whilst Skrill and NETELLER as individual companies may not be obligated to participate in the OECD, Paysafe Group Plc, as a regulated financial institution, will do so.

For more information regarding your privacy and the security of your data, you can contact us at data.privacy@paysafe.com.

We hope this has helped.

Should you need any further assistance, do not hesitate to contact us.

Please keep in mind, however, that in order to assist you with queries specific to your Skrill account, you should contact us from the email address registered in the account.

Kind regards,
Daniela
Skrill Help Team
--------------------------

He also asked FCA independently from the owner of the forum, before we knew about it, they said it was up to HMRC to decide which company will participate:

"These are regulations that are being implemented by HMRC, for further guidance on this and which firms will fall with scope you will need to contact them directly. Please find a link to a document on the HMRC website which provides further information and contact details as so you can obtain further information.
Tax administration: regulations to implement the UK's automatic exchange of information agreements
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413976/TIIN_8148_tax_admin_automatic_exchange.pdf
"


HMRC says the companies should determine themselves (?!) whether they are financial institutions.

"Thank you for your email.  The question of whether any entity has reporting obligations under the CRS is for that entity to determine by reference to the OECD rules.  The entity needs to determine whether or not it is a Financial Institution within the relevant definitions.

We have published guidance on Gov.uk on how the rules apply to UK electronic money institutions and I attach a link to the relevant page.
https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim400750"


So now what?

Skrill says: We or Neteller will not be subject to this but Paysafe will (and Paysafe can only participate with Skrill and Neteller accounts in the exchange,what else?)

FCA says: Ask HMRC
HMRC says: the entity has to decide for themselves whether they are a financial institution.
data.privacy@paysafe.com has not responded to anyone I am in contact with at all.
Skrill Help is useless.


So I don't know what to think any more. Does anyone have any interpretation of this?
Pete1928
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Re: E-wallets and CRS

Mon Feb 27, 2017 9:34 am

patient for what?
Skaggerak
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Re: E-wallets and CRS

Mon Feb 27, 2017 11:51 am

So we're back to not knowing much. Looks like we need a Paysafe answer.
thorocska
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Re: E-wallets and CRS

Tue Feb 28, 2017 10:48 pm

vidic26 wrote: And, whats happening with ecopayz?
From ecoPayz About page:
PSI-Pay Ltd is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FCA Reference Number 900011) for the issuing of electronic money, and facilitates its' services across the European Economic Area (EEA).
So I think ecoPayz is same as Neteller and Skrill related in the CRS issue.
jarora
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Re: E-wallets and CRS

Wed Mar 01, 2017 11:39 am

Arbusers wrote: We have some good news at last.

Last week I met our managers in both Paysafe group and ecoPayz. We had a long discussion about the CRS and they stated that both companies are waiting for the guidelines of the FCA, the regulating authority when it comes to e-wallets.

I contacted the FCA and I received the following statement, that I can now post here after receiving their green light:


Dear XXXXX,

Thanks for taking the time to contact the Financial Conduct Authority (FCA). I understand you're looking to find out if E Money wallets such as Skrill and Neteller are obliged to participate in the OECD exchange of information Common Reporting Standards (CRS).

I can confirm that the obligation to comply with the CRS would only be applicable to firms that fall under the Capital Requirements Directive (CRD IV). The CRD IV includes firms that carry out activities under the Banking Consolidation Directive (BCD) such as PayPal, but it does not include regulated Electronic Money firms.

Subsequently this would mean that neither Skrill or Neteller would be subject to these requirements.

I hope this information is helpful.

Yours sincerely


Darren Cotton
Customer Contact Centre
Financial Conduct Authority

Consumer Helpline: 0800 111 6768
Website: www.the-fca.org.uk
Email: consumer.queries@fca.org.uk
I don't know what are you still solve Pete1928. Here you have a clear answer Arbusers. Follow all T&C, News OECD and be at rest.
jarora
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Re: E-wallets and CRS

Wed Mar 01, 2017 11:59 am

Department PayPal Privacy Policy and answer to CRS Law:

Dear XXX,

Thank you for contacting PayPal regarding disclosing information about your PayPal account with tax offices in your country.     

My name is Lucyna and I will do my best to resolve your query today.                 

Firstly, I regret the inconvenience you have experienced in this matter so far.       

Please be advised that PayPal is a bank and we need to comply with banking regulations, which means that we may disclose information about your PayPal account on official request.

Basically, we would need to have an official request from your governmental institution, e.g. tax office, with a valid reason to disclose information about your PayPal account.

Also, request should include email address your PayPal account is registered with and other confidential details regarding your PayPal account.

More, according to law, it is your responsibility to inform your tax office about any income and it is up to you if you do that. It does not mean that PayPal produces report, which is sent to your officials on a regular basis. It can be done only on request.

I hope that the information I have provided has been of use. However, please do not hesitate to contact us if you require any further assistance.

It is my pleasure to assist you. Thank you for choosing PayPal.

Yours sincerely,
Lucyna
PayPal

Copyright © 1999-2017 PayPal. All rights reserved.

PayPal (Europe) S.à r.l. et Cie, S.C.A.
Société en Commandite par Actions
Registered Office: 22-24 Boulevard Royal L-2449, Luxembourg
RCS Luxembourg B 118 349

My note: PayPal not send report automatically only on request.
sonic
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Re: E-wallets and CRS

Wed Mar 01, 2017 10:40 pm

jarora wrote: Department PayPal Privacy Policy and answer to CRS Law:

Dear XXX,

Thank you for contacting PayPal regarding disclosing information about your PayPal account with tax offices in your country.     

My name is Lucyna and I will do my best to resolve your query today.                 

Firstly, I regret the inconvenience you have experienced in this matter so far.       

Please be advised that PayPal is a bank and we need to comply with banking regulations, which means that we may disclose information about your PayPal account on official request.

Basically, we would need to have an official request from your governmental institution, e.g. tax office, with a valid reason to disclose information about your PayPal account.

Also, request should include email address your PayPal account is registered with and other confidential details regarding your PayPal account.

More, according to law, it is your responsibility to inform your tax office about any income and it is up to you if you do that. It does not mean that PayPal produces report, which is sent to your officials on a regular basis. It can be done only on request.

I hope that the information I have provided has been of use. However, please do not hesitate to contact us if you require any further assistance.

It is my pleasure to assist you. Thank you for choosing PayPal.

Yours sincerely,
Lucyna
PayPal
This is a bit different to what is mentioned in this link:

https://www.paypal.com/fi/webapps/mpp/ua/facta-full

More specifically it says:

"If you qualify as a specified U.S. person under FATCA Law and/or as a reportable person under CRS Law and assuming the FATCA Law and CRS Law impose obligations on PayPal (in either case, as a “Reportable Account Holder”), this information will be automatically exchanged by PayPal, as a reporting financial institution under these laws, with the Luxembourg tax authorities. The latter will exchange this information with the U.S. Internal Revenue Service if FACTA Law applies and/or, if CRS Law applies, with the competent authority or authorities of your respective country or countries of tax residence that are participating jurisdictions under CRS Law.

The information listed above will be exchanged with the Luxembourg tax authorities for any calendar year during which you are or become a Reportable Account Holder (at the latest on 30 June of the subsequent calendar year). Such data will consequently continue to be processed by us until it is no longer necessary for the purposes for which they were processed."

So here it says that information exchange will be automatic and not upon request... similar to a regular bank
vivekananda
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Re: E-wallets and CRS

Thu Mar 02, 2017 7:37 am

In CRS handbook says that you must have self certification like sample in attachment.
I'm fill one in my regular bank, but nothing similar from e-wallets including Pay Pal.
Attachments

[The extension pdf has been deactivated and can no longer be displayed.]

Last edited by vivekananda on Thu Mar 02, 2017 7:38 am, edited 1 time in total.
jarora
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Re: E-wallets and CRS

Thu Mar 02, 2017 12:36 pm

sonic wrote:
jarora wrote: Department PayPal Privacy Policy and answer to CRS Law:

Dear XXX,

Thank you for contacting PayPal regarding disclosing information about your PayPal account with tax offices in your country.     

My name is Lucyna and I will do my best to resolve your query today.                 

Firstly, I regret the inconvenience you have experienced in this matter so far.       

Please be advised that PayPal is a bank and we need to comply with banking regulations, which means that we may disclose information about your PayPal account on official request.

Basically, we would need to have an official request from your governmental institution, e.g. tax office, with a valid reason to disclose information about your PayPal account.

Also, request should include email address your PayPal account is registered with and other confidential details regarding your PayPal account.

More, according to law, it is your responsibility to inform your tax office about any income and it is up to you if you do that. It does not mean that PayPal produces report, which is sent to your officials on a regular basis. It can be done only on request.

I hope that the information I have provided has been of use. However, please do not hesitate to contact us if you require any further assistance.

It is my pleasure to assist you. Thank you for choosing PayPal.

Yours sincerely,
Lucyna
PayPal
This is a bit different to what is mentioned in this link:

https://www.paypal.com/fi/webapps/mpp/ua/facta-full

More specifically it says:

"If you qualify as a specified U.S. person under FATCA Law and/or as a reportable person under CRS Law and assuming the FATCA Law and CRS Law impose obligations on PayPal (in either case, as a “Reportable Account Holder”), this information will be automatically exchanged by PayPal, as a reporting financial institution under these laws, with the Luxembourg tax authorities. The latter will exchange this information with the U.S. Internal Revenue Service if FACTA Law applies and/or, if CRS Law applies, with the competent authority or authorities of your respective country or countries of tax residence that are participating jurisdictions under CRS Law.

The information listed above will be exchanged with the Luxembourg tax authorities for any calendar year during which you are or become a Reportable Account Holder (at the latest on 30 June of the subsequent calendar year). Such data will consequently continue to be processed by us until it is no longer necessary for the purposes for which they were processed."

So here it says that information exchange will be automatic and not upon request... similar to a regular bank
I sent what you wrote, and here's the answer:

Dear XXX,

Thank you for contacting PayPal regarding sharing your information with government bodies.

First of all, I hope that you are having a nice day.

Dear XXX, we are a bank with a banking licence from Luxembourg. If we are requested to provide information based on legal ground, we are obliged to provide this information to the official government bodies.

The part you quote within your email refers to ''U.S Citizens''.

I wish you a nice day.

Please let us know if you require any further assistance.

Yours sincerely,
Ersin Karaca
PayPal

My note: It is same. PayPal not send report automatically only on request.
vivekananda
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Re: E-wallets and CRS

Thu Mar 02, 2017 3:43 pm

PayPal customer support looks better than Skrill or Paysafe. They answer faster. For Skrill answer you must wait for weeks.

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