E-wallets and CRS
- vivekananda
- Gaining experience
- Karma: 5
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Pep the bossPe
Post
Re: E-wallets and CRS
You know that a US living person cannot register to Neteller, that's maybe not the only country...
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Pep the bossPe
Post
WHERE WE STORE YOUR PERSONAL DATA AND DATA SECURITY
The data that we collect from you may be transferred to, stored at and processed in a destination outside the European Economic Area ("EEA"). By submitting your personal data, you agree to this transfer, storing or processing. We will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this privacy notice
If we have given you (or if you have chosen) a password, access code or any other secure means or access or authentication which enables you to access certain parts of our site, you are responsible for keeping this password confidential and complying with our instructions. You must not share credentials with anyone else, and you authorise Paysafe to act upon instructions and information from any person that enters your credentials.
The transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access.
Re: E-wallets and CRS
I think that is the change:
WHERE WE STORE YOUR PERSONAL DATA AND DATA SECURITY
The data that we collect from you may be transferred to, stored at and processed in a destination outside the European Economic Area ("EEA"). By submitting your personal data, you agree to this transfer, storing or processing. We will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this privacy notice
If we have given you (or if you have chosen) a password, access code or any other secure means or access or authentication which enables you to access certain parts of our site, you are responsible for keeping this password confidential and complying with our instructions. You must not share credentials with anyone else, and you authorise Paysafe to act upon instructions and information from any person that enters your credentials.
The transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access.
- vivekananda
- Gaining experience
- Karma: 5
Post
Re: E-wallets and CRS
Yes, I noticed that part of the new privacy when I read first time. But it seems to me that the new word is worldwide (law enforcement bodies worldwide). I think that was not there before.Pep the boss wrote:I think that is the change:
WHERE WE STORE YOUR PERSONAL DATA AND DATA SECURITY
The data that we collect from you may be transferred to, stored at and processed in a destination outside the European Economic Area ("EEA"). By submitting your personal data, you agree to this transfer, storing or processing. We will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this privacy notice
If we have given you (or if you have chosen) a password, access code or any other secure means or access or authentication which enables you to access certain parts of our site, you are responsible for keeping this password confidential and complying with our instructions. You must not share credentials with anyone else, and you authorise Paysafe to act upon instructions and information from any person that enters your credentials.
The transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access.
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Pep the bossPe
Post
Re: E-wallets and CRS
If you watch the new PayPal T&Cs, it is explicitally said OECD / CRS:
https://www.paypal.com/lu/webapps/mpp/ua/privacy-full
https://www.paypal.com/lu/webapps/mpp/ua/privacy-full
Last edited by Pep the boss on Thu Feb 09, 2017 7:18 pm, edited 1 time in total.
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Pep the bossPe
Post
Re: E-wallets and CRS
Any question?
Last edited by Pep the boss on Thu Feb 09, 2017 7:17 pm, edited 1 time in total.
- mario21
- Gaining experience
- Karma: 2
Post
http://arbusers.com/index.php/topic,3651.msg55054.html#msg55054
Skrill, Neteller and a hundred others fall into a different category, as they do have an EMI only license.
Re: E-wallets and CRS
I've detailed on how Luxembourg's authorities treat PP in my previous post:Pep the boss wrote: If you watch the new PayPal T&Cs in Luxembourg (cause there they've got a bank licence), it is explicitally said OECD / CRS:
https://www.paypal.com/lu/webapps/mpp/ua/privacy-full
http://arbusers.com/index.php/topic,3651.msg55054.html#msg55054
Skrill, Neteller and a hundred others fall into a different category, as they do have an EMI only license.
- jarora
- Gaining experience
- Karma: 2
Post
https://www.paypal.com/sk/webapps/mpp/ua/privacy-full
Question for PayPal on FB messenger: If you are covered by the FATCA or CRS Law, we are required to give you notice of the information about you that we may transfer to various authorities. We may or is it automatic transfer to various authorities?
The answer PayPal on FB messenger: Hi, We will not send your details automatically to any tax authority. The only time we would send information is if this was requested from us by that authority. I hope that makes sense.
Re: E-wallets and CRS
Yes true and today good news from PayPal support:mario21 wrote:I've detailed on how Luxembourg's authorities treat PP in my previous post:Pep the boss wrote: If you watch the new PayPal T&Cs in Luxembourg (cause there they've got a bank licence), it is explicitally said OECD / CRS:
https://www.paypal.com/lu/webapps/mpp/ua/privacy-full
http://arbusers.com/index.php/topic,3651.msg55054.html#msg55054
Skrill, Neteller and a hundred others fall into a different category, as they do have an EMI only license.
https://www.paypal.com/sk/webapps/mpp/ua/privacy-full
Question for PayPal on FB messenger: If you are covered by the FATCA or CRS Law, we are required to give you notice of the information about you that we may transfer to various authorities. We may or is it automatic transfer to various authorities?
The answer PayPal on FB messenger: Hi, We will not send your details automatically to any tax authority. The only time we would send information is if this was requested from us by that authority. I hope that makes sense.
- vivekananda
- Gaining experience
- Karma: 5
Post
Re: E-wallets and CRS
I do not believe them. They've always had the obligation to send data at the request of law. Like all financial institutions. As far as I know CRS is an automatic exchange of information. PayPal can automatically send all the information and then say that they were required to send them. Who's gonna check?jarora wrote:Yes true and today good news from PayPal support:mario21 wrote:I've detailed on how Luxembourg's authorities treat PP in my previous post:Pep the boss wrote: If you watch the new PayPal T&Cs in Luxembourg (cause there they've got a bank licence), it is explicitally said OECD / CRS:
https://www.paypal.com/lu/webapps/mpp/ua/privacy-full
http://arbusers.com/index.php/topic,3651.msg55054.html#msg55054
Skrill, Neteller and a hundred others fall into a different category, as they do have an EMI only license.
https://www.paypal.com/sk/webapps/mpp/ua/privacy-full
Question for PayPal on FB messenger: If you are covered by the FATCA or CRS Law, we are required to give you notice of the information about you that we may transfer to various authorities. We may or is it automatic transfer to various authorities?
The answer PayPal on FB messenger: Hi, We will not send your details automatically to any tax authority. The only time we would send information is if this was requested from us by that authority. I hope that makes sense.
- jarora
- Gaining experience
- Karma: 2
Post
Re: E-wallets and CRS
Hard to say whether believe you or PayPal employee but I also think that it would automatically from PayPal to the Luxembourg tax authorities but not from the Luxembourg tax authorities to your country tax authority.vivekananda wrote:I do not believe them. They've always had the obligation to send data at the request of law. Like all financial institutions. As far as I know CRS is an automatic exchange of information. PayPal can automatically send all the information and then say that they were required to send them. Who's gonna check?jarora wrote:Yes true and today good news from PayPal support:mario21 wrote: I've detailed on how Luxembourg's authorities treat PP in my previous post:
http://arbusers.com/index.php/topic,3651.msg55054.html#msg55054
Skrill, Neteller and a hundred others fall into a different category, as they do have an EMI only license.
https://www.paypal.com/sk/webapps/mpp/ua/privacy-full
Question for PayPal on FB messenger: If you are covered by the FATCA or CRS Law, we are required to give you notice of the information about you that we may transfer to various authorities. We may or is it automatic transfer to various authorities?
The answer PayPal on FB messenger: Hi, We will not send your details automatically to any tax authority. The only time we would send information is if this was requested from us by that authority. I hope that makes sense.
- vivekananda
- Gaining experience
- Karma: 5
Post
Re: E-wallets and CRS
why not? What is point of CRS then?jarora wrote:Hard to say whether believe you or PayPal employee but I also think that it would automatically from PayPal to the Luxembourg tax authorities but not from the Luxembourg tax authorities to your country tax authority.vivekananda wrote:I do not believe them. They've always had the obligation to send data at the request of law. Like all financial institutions. As far as I know CRS is an automatic exchange of information. PayPal can automatically send all the information and then say that they were required to send them. Who's gonna check?jarora wrote: Yes true and today good news from PayPal support:
https://www.paypal.com/sk/webapps/mpp/ua/privacy-full
Question for PayPal on FB messenger: If you are covered by the FATCA or CRS Law, we are required to give you notice of the information about you that we may transfer to various authorities. We may or is it automatic transfer to various authorities?
The answer PayPal on FB messenger: Hi, We will not send your details automatically to any tax authority. The only time we would send information is if this was requested from us by that authority. I hope that makes sense.
- jarora
- Gaining experience
- Karma: 2
Post
It says, that if you are a reportable account holder your account will be reported. This relates probably to you, if you have a contract with a Luxembourg company.
Re: E-wallets and CRS
https://www.paypal.com/gi/webapps/mpp/ua/upcoming-policies-fullvivekananda wrote:why not? What is point of CRS then?jarora wrote:Hard to say whether believe you or PayPal employee but I also think that it would automatically from PayPal to the Luxembourg tax authorities but not from the Luxembourg tax authorities to your country tax authority.vivekananda wrote: I do not believe them. They've always had the obligation to send data at the request of law. Like all financial institutions. As far as I know CRS is an automatic exchange of information. PayPal can automatically send all the information and then say that they were required to send them. Who's gonna check?
It says, that if you are a reportable account holder your account will be reported. This relates probably to you, if you have a contract with a Luxembourg company.
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arbusers
- Administrator
- Contact:
- Karma: 626
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Re: E-wallets and CRS
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
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
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