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E-wallets and CRS

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vivekananda
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Re: E-wallets and CRS

Sun Jan 29, 2017 11:03 am

here is the thing...

I opened Skrill account  3 years ago in one currency and then they asked for utility bill and passport. Last mounth I closed old and open new one with new currency. Again they just ask for identity doc (pasport etc) but now trough Jumio (ago they check doc manualy), and dont ask for utility bill and adress was unverified. When I get their prepaid card and activate it, then adrees become verified.

sorry on my english, not my native
Last edited by vivekananda on Sun Jan 29, 2017 11:37 am, edited 1 time in total.
vivekananda
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Re: E-wallets and CRS

Sun Jan 29, 2017 12:34 pm

Image

According to red letters form Neteller faq, not everyone need to send utility bills only ones who get message from support team:

Only upload an address verification document if so instructed by a NETELLER Customer Service Agent

In case to not image in post, here is the link
https://www.neteller.com/en/support#/path/ACCOUNT/Verifications/875780532/How-do-I-verify-my-NETELLER-account-by-a-Address-Verification-document.htm
Attachments
screenshot-www.neteller.com 2017-01-29 13-26-53.png
Last edited by vivekananda on Sun Jan 29, 2017 12:37 pm, edited 1 time in total.
870642
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Re: E-wallets and CRS

Sun Jan 29, 2017 9:54 pm

I wonder if we see this:

Image

it means they are asking for or everyone see this?
Pete1928
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Re: E-wallets and CRS

Fri Feb 03, 2017 10:14 am

Interesting thing happened.


On 2.2. Skrill sent out an e-mail to every active user stating they have updated terms of use.

When you enter the terms of use, it clearly says they have been updated on 31.1.2017., which would be "in time" for the 2016 reporting, HOWEVER ---> in the entire document there is no mention of AEOI, CRS, or anything of the sort.

You can check and inspect the comprehensive privacy policy here:
https://www.skrill.com/en/nc/footer/comprehensiveprivacypolicy/

Now, tell me, am I missing something here or is it just a coincidence that they have ammended terms of use on 31.1., the last legal date according to HMRC (another thing that is bothering me here is, Skrill is a UK company operating under FCA and FCA is not necessarily operating under UK Gov, however as a UK based company HMRC laws still apply to them or not?) to inform the clients for 2016 reporting.

It seems there is not even an indirect mention of this, or am I missing something?


I mean it does mention this but as far as I know this hasn't changed?
"Where we are required or permitted to do so by law: we may be required by law to pass information about you to regulatory authorities and law enforcement bodies worldwide, or we may otherwise determine that it is appropriate or necessary to do so. Such disclosures may also include requests from governmental or public authorities, or with commercial organisations with whom you may have had dealings and whom are seeking to mitigate fraud risk, or for the purposes of litigation or legal process, national security or where we deem it in the national or public interest or otherwise lawful to do so; "

Also, this:

Your continued use of our services after 6 April 2017 will be taken as your acceptance of the above changes.

So these only come into effect then. Anyway, what do you guys think?
Last edited by Pete1928 on Fri Feb 03, 2017 10:16 am, edited 1 time in total.
Skaggerak
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Re: E-wallets and CRS

Fri Feb 03, 2017 12:50 pm

I think it's completely grey and vague now, none of us know what's really going on. I've had e-mails back and forth with them over the last month and the response has been really disheartening.
We've all talked about e-wallets and books being in communication with each other, well maybe they've just taken that next step. We're looking at bleak outcomes here.
Pete1928
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Re: E-wallets and CRS

Fri Feb 03, 2017 12:55 pm

Skaggerak wrote: I think it's completely grey and vague now, none of us know what's really going on. I've had e-mails back and forth with them over the last month and the response has been really disheartening.
We've all talked about e-wallets and books being in communication with each other, well maybe they've just taken that next step. We're looking at bleak outcomes here.
I agree, however, the wording goes in our favor I believe.

https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim402510

In accordance with regulation 10 of the 2015 Regulations there is a requirement for reporting Financial Institutions to notify each individual Reportable Person or individual Specified U.S. Person that information relating to that person which is required to be reported under regulation 6 will be reported to HMRC and may be transferred to the government of another territory in accordance with a relevant agreement.  The notification must be made by 31 January in the calendar year following the first year in which the account held by the individual is a Reportable Account maintained by the Reporting Financial Institution (for example – if an account is first identified as a Reportable Account for the 2019 calendar year then the customer must be notified by 31 January 2020).  This requirement is intended to provide good time for the notification to be provided to customers ahead of their data being sent to HMRC (in principle, a Financial Institution may send its report for the preceding calendar year to HMRC at any time after 1 January but in practice and based on FATCA reporting very few report substantially earlier than 31 May).


There is nothing of the sort. If this was "THE" notifcation, it would include a chance to cure your indicia, meaning to provide TIN, to confirm your residence, and you would explicitly be informed that your data will be shared with HMRC.

What they stated is something else, and also, what is the deal with accepting the terms by April 6th, meaning that if you seize using their services now, or any time before April 6th, you do not agree with the terms.

This just tells me that they are potentially preparing ground for 2017 to be reported, but not 2016.
vivekananda
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Re: E-wallets and CRS

Fri Feb 03, 2017 1:08 pm

why they can't simply answer yes or no. What is a big deal?
Pete1928
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Re: E-wallets and CRS

Fri Feb 03, 2017 1:11 pm

vivekananda wrote: why they can't simply answer yes or no. What is a big deal?
my impression is, they are hoping they don't have to start reporting now, but cannot know for sure, so they are laying ground.

I believe that reporting will start in 2018, for 2017, but that for 2016 is not covered by this.
midoritea
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Re: E-wallets and CRS

Fri Feb 03, 2017 3:30 pm

vivekananda wrote: why they can't simply answer yes or no. What is a big deal?
I'm not sure why, but from the response I received myself it seems likely they are paltering deliberately. Which is a warning itself, and has another consequence. As quoted earlier there is a legal requirement of notifying the reported account holders in advance. This in itself means nothing, as I recall having seen a mention that this notification can come in a form of an online policy etc. So their vague phrases about disclosure as legally required may cover it. But misleading answers on direct questions are different...
Pete1928
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Re: E-wallets and CRS

Fri Feb 03, 2017 3:41 pm

midoritea wrote:
vivekananda wrote: why they can't simply answer yes or no. What is a big deal?
I'm not sure why, but from the response I received myself it seems likely they are paltering deliberately. Which is a warning itself, and has another consequence. As quoted earlier there is a legal requirement of notifying the reported account holders in advance. This in itself means nothing, as I recall having seen a mention that this notification can come in a form of an online policy etc. So their vague phrases about disclosure as legally required may cover it. But misleading answers on direct questions are different...
They are definitely laying ground. The question is not whether they will eventually join CRS, because seemingly, they will.

The question is which period is the first reportable period.

Since they are allowing their clients to either accept the terms (by continuing to use the service) or not accepting the terms, by discontinuing/closing accounts by April 6.


So what happens if someone decides to close his account tomorrow? He/she did not accept the new terms, and what happens to his account then, what period is reportable, is anything reportable?
Skaggerak
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Re: E-wallets and CRS

Fri Feb 03, 2017 3:51 pm

What does this April 6th deadline entail also? Will non-verified accounts from the new "NOTICE" be shut down? Or locked because of a lack of documents? I was told it was "recommended but not obligatory". Seriously they don't even know themselves where they stand right now.
Alfa1234
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Re: E-wallets and CRS

Fri Feb 03, 2017 4:23 pm

Anyone going to ICE this week?  They'll be there, would be great if we could get some definitive answers.
jarora
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Re: E-wallets and CRS

Tue Feb 07, 2017 7:50 am

Alfa1234 wrote: Anyone going to ICE this week?  They'll be there, would be great if we could get some definitive answers.
http://crwwgroup.net/en/paypal-and-neteller-will-remain-safe/
Skaggerak
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Re: E-wallets and CRS

Tue Feb 07, 2017 11:52 am

I was under the impression that Paypal already exchanges information.
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Re: E-wallets and CRS

Tue Feb 07, 2017 1:05 pm

This post is very old and probably outdated. It would be good if someone asks this company if they do insist in their opinion.

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