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E-wallets and CRS

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vidic26
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Re: E-wallets and CRS

Thu Jun 08, 2017 8:42 am

In Croatia, some Skrill account receive request on register adress to fill state of income source, source of wealth...They have 15 days to answer and send back.
JX123
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Re: E-wallets and CRS

Fri Jun 16, 2017 1:31 pm

Hello,

I've got the same, they are asking for all kinds of documents. The measure is called "Source of Wealth Declaration". I know that many have received that request and did already before they changed their TOS on april 5th 2017.

According to the information in this thread, Skrill does not participate in CRS/AEOI. However they do share some information in certain cases:
We may share your personal information with third parties to provide you with the products we offer, with suppliers working on our behalf, where we have your permission, or where we are required or permitted to do so by law. We may also share your personal information with third parties to prevent crime and reduce risk, if required to do so by law, where we deem it appropriate to do so, to respond to legal process or to protect the rights or property of Paysafe, our customers or others.

In an email where I've asked them about their "Declaration of Wealth" measure they answered:
would like to inform you that Skrill, as an FCA (Financial Conduct Authority) regulated non-banking financial institution, is obligated to complete this verification.
and
Regarding your query, please mind that the information you provide must be as complete and accurate as possible. Any information you provide us will only be used in accordance with the Data Protection Act of 1998.
Now does anyone know what exactly that means and what will happen with the information. Who will it be given to? Who exactly do they share our information with, if its a standard procedure and if they do not participate in CRS/AEOI?


I found a thread about this on talkgold and some of the people there were really critical about this and some say that banks just gather all kinds of information about their foreign clients and send it to tax authorities of their coutnries, whether they must or not, as some user said:
All banks are ignoring thresholds due to financial strangulation by OECD. The banks are not police to check each and every balance on account. This is the nightmare caused by FATCA (US govt) which later morphed into GATCA or CRS/AEOI as we all know it now.

Does anyone know more about this?
Pete1928
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Re: E-wallets and CRS

Fri Jun 16, 2017 8:50 pm

JX123 wrote:


Does anyone know more about this?
well, to be honest I don't know what to think either, but source of wealth is NOT the same as a CRS protocol paperwork.

If they were asking about CRS they would ask for TINs and as far as I know no inquiry for TINs was made.

A colleague of mine asked them DIRECTLY from his client e-mail whether they are participating in CRS right now, this was the answer.

Now you tell me, can they flat out LIE about it in late June?

I understood they weren't sure in January or February, but i's almost July now.

I don't think they can lie, I think this can be used as a relevant response.

"Dear sir
Thank you for contacting the Skrill Help Team.

Skrill is not part of OECD's CRS initiative and we do not share private information with third parties. We do share annual revenue or press-release related information.

Should you have any additional questions, please contact us again for further assistance.

Kind regards,
Dragomir
Skrill Help Team"
sideprofits
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Re: E-wallets and CRS

Sat Jun 17, 2017 8:11 am

They are not reporting at least for 2016. If they don't report for 2016 I don't see them reporting for 2017 considering the chaos and mess that banks face because of these stupid regulations.
This is not enough to restore my faith in ewallets.
Pete1928
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Re: E-wallets and CRS

Sat Jun 17, 2017 8:24 am

sideprofits wrote: They are not reporting at least for 2016. If they don't report for 2016 I don't see them reporting for 2017 considering the chaos and mess that banks face because of these stupid regulations.
This is not enough to restore my faith in ewallets.
I also think CRS is in its inception and it takes time for compliance to get synchronized and all protocols in place.

There were many, many confusing replies from Skrill, FCA, HMRC, Paypal, everything is very confusing, they are definitely very unclear on these issues, and my thoughts are, it's because not even they know at this time, they're trying to adhere to regulations that are necessary but i believe this is not yet covering non traditional operators, the emphasis is on banks, because large sums of money are always stored in banks.


Well, it's almost July, we've heard nothing specific, so I also agree 2016 will not be reported..
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Re: E-wallets and CRS

Sat Jun 17, 2017 4:27 pm

Transferwise borderless said they won't report from what I remember and they are even closer to being a bank than paysafe.

N26 bank realised they need tax ID number and are asking all the customers, even past ones , to add that information by 30th of June. Good luck with that!!
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arbusers
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Re: E-wallets and CRS

Sat Jun 17, 2017 6:44 pm

Thordin wrote: N26 bank realised they need tax ID number and are asking all the customers, even past ones , to add that information by 30th of June. Good luck with that!!
This is a German bank. We don't know what their deadlines are. HMRC is responsible for the UK and their deadline was 1st of June.
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Re: E-wallets and CRS

Sat Jun 17, 2017 7:37 pm

So are we still in the same place we were about this a year ago?
Pete1928
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Re: E-wallets and CRS

Sat Jun 17, 2017 7:56 pm

Skaggerak wrote: So are we still in the same place we were about this a year ago?
I think we're safer than a year ago.

Nothing happened in a year.
Pete1928
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Re: E-wallets and CRS

Sat Jun 17, 2017 9:05 pm

Arbusers wrote:
Thordin wrote: N26 bank realised they need tax ID number and are asking all the customers, even past ones , to add that information by 30th of June. Good luck with that!!
This is a German bank. We don't know what their deadlines are. HMRC is responsible for the UK and their deadline was 1st of June.
so the deadline wasn't extended or something?

What do you think about the fact that Paypal even announced in a very transparent fashion that they would be a part of the CRS, yet as far as I know not even they asked for TINs and for confirmation of residence.

This is still very unclear, but since nothing has happened, I guess it has to be ok.
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Re: E-wallets and CRS

Tue Jun 20, 2017 12:13 pm

my biggest concern is PayPal... Not sure if they report from 2016... TIN is still not provided. Maybe they report(ed) without it?
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arbusers
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Re: E-wallets and CRS

Tue Jun 20, 2017 3:51 pm

Pistu wrote: my biggest concern is PayPal... Not sure if they report from 2016... TIN is still not provided. Maybe they report(ed) without it?
PayPal hold a banking licence from Luxembourg. We don't know the time frames set by the tax authorities of Luxembourg. This is key information.
Pete1928
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Re: E-wallets and CRS

Tue Jun 20, 2017 8:56 pm

Arbusers wrote:
Pistu wrote: my biggest concern is PayPal... Not sure if they report from 2016... TIN is still not provided. Maybe they report(ed) without it?
PayPal hold a banking licence from Luxembourg. We don't know the time frames set by the tax authorities of Luxembourg. This is key information.
One thing is sure. Whatever they are, exchange between authorities internationally for CRS is in September.

So by September they should have already gathered all TINs and indicia, and sent it all to the Luxembourg authorities.

Every week that passes without any action from them, slimmer the chances they could do it in time.
Skaggerak
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Re: E-wallets and CRS

Wed Jun 21, 2017 9:54 pm

What are the chances they demand TIN in the future and just retroactively take action?
Pete1928
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Re: E-wallets and CRS

Thu Jun 22, 2017 7:28 am

Skaggerak wrote: What are the chances they demand TIN in the future and just retroactively take action?
Yes, one thing is confusing here, I read this at another forum that was linked here:

"You had to close it before 31 December, 2015. If you close it now, you will be reported on you account balance in 2016 (in case Skrill has CRS/AEOI obligation). The only question is whenever you will be reported this year. It is very much unclear on timing of reporting for variuos accounts. Initially such reporting timing was in place: info on all new individual and entity accounts opened from 1 January, 2016 is exchanged in 2017 September; pre-existing individual high value accounts (one opened before 31 December, 2015) info exchanged in 2017 September, pre-existing individual low value accounts and pre-existing entity accounts info exchanged in 2018, September. This timing was set for early adopter jurisdictions."


This is obviously a quote from the CRS handbook, does this mean that they could exchange info for the year of 2016, but exchange it in September 2018?!

One thing that doesn't make sense here is, I believe HMRC and other authorities have deadlines, meaning the following year of the reporting year.

I don't think you can report 2016 in 2018, that makes no sense.

This whole thing is still incredibly confusing. Is it a mess in the compliance segment of it all and that's why skrill, paypal, etc, no one is reporting, or what is the reason?

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