Arbusers

3rd party information holder what you were quoting doesn't mean that. It's something else.


What is worrying is the following:

Why are we making changes to our terms and conditions?

We are making changes due to upcoming changes in the law and regulations relating to financial services providers in Europe and how we provide services to our customers.


Also this:

5) Processing your personal information

We have clarified that by using the Skrill Services, you give us consent to process your personal information to the extent necessary to provide the services to you. You may withdraw this consent at any time by closing your Skrill Account. Please be aware that even if you take such steps, we will still process your personal information provided we have lawful grounds to do so, such as complying with applicable laws and regulations or if we provide other services to you. For more information on how we use your personal information, please view our Privacy Notice.


These are the key changes that could correlate to CRS.

THey are protecting themselves from all sides, trying to be within the legam framework, just in case. Nothing is said directly.

I suggest you ask directly, as will I and post the replies here, whether these changes have anything to do with CRS and what would be the starting date of information exchange in case it is, since the updated T&Cs are active from JAN 2018.

In fact, you can't do anything about that. You will be (if Skrill will be part or CRS) reported even if you close your account now, so.... just relax

Does not look good, not at all. Thanks for clarification post Pete1928

it's not so dramatic, actually it depends from which date they start reporting.

Pete1928 wrote: it's not so dramatic, actually it depends from which date they start reporting.

Why?

If tax office know that you have Sktill account they can ask you to bring them all transaction for xx last years.
What you will do then? Give some false informations?

If you read this topic in its entirety, you will know it doesn't really work that way.

Only paypal has 68 million accounts only in Europe. That's paypal alone.

YOu think tax offices will ask for ALL 68 million accounts in last XY years? They won't. There are reporting deadlines, the deadline for 2016 has expired.

So now next reporting year is 2017.


So it does matter when and IF they start reporting.

Only positive could be that there is something new about law but not CRS related but somehow i doubt in that.
If they report ,you can be sure that tax service will rip you upside down to check your income for the last few years.
Once you in a spotlight than you are fucked.
Please post an answer you get from them. Really would like that is something else but...

You guys should read this topic again.

It doesn't work that way.

There are people that closed skrill accounts in 2015. There are people who closed in 2016, and who will close in 2018, and people who will have it open until 2022.

There are different situations. Account details from earlier than 2017 for sure won't be reported (because the deadlines are done) and for the tax office to ask for details, you really have to be in the spotlight, it has to be a very big sum, etc.

My point is, there are people that changed skrill accounts in 2015 or 2016, who have different accounts with Neteller, Paypal, etc, it's not all the same and it's not "all reported".

Also, it's not sure whether transactions will be reported as well or just account details on 31.12., etc, etc. Many, many questions, please don't jump to conclusions and scare people here.

You are right. I also didnt meant it is a doomsday just that i doubt that we will escape reporting and some will get fucked. No it wont be fast and easy for tax services but some people will feel their whip. But panic wont help i agree.

This can be usefull articles about changes in 2018 and PSD2. Skrill in new mail has  PSD2 mark in mail subject.

https://www.cnbc.com/2017/07/11/incoming-eu-banking-regulations-are-a-headache-for-everyone-rbs-fintech-advisor-says.html

https://www.evry.com/en/news/articles/psd2-the-directive-that-will-change-banking-as-we-know-it/

And PSD2 starts form 13. january 2018.

maybee is not all about CRS

Excellent find, this is exactly it.

Received neteller email with t&c updates titled (PSD2) so it really seems that is not about CRS. :-/
Great work vivek.

thorocska wrote:
What does it mean "account information services providers"?

+1

Quote from the Neteller email:

"What do you have to do?

Absolutely nothing. These changes will come into effect on 13 January 2017 and will automatically apply to the services we provide to you. If you do not agree to the changes, then you are of course free to close your NETELLER Account prior to the effective date and the changes will not be applied to you."

This, imho, once again shows what type of company they have become...

Skaggerak wrote:

thorocska wrote:
What does it mean "account information services providers"?

+1

"2018 is set to be a game-changing year for retail banking. As the PSD2 (Revised Payment Service Directive) becomes implemented, banks’ monopoly on their customer’s account information and payment services is about to disappear. The new EU directive opens the door to any company interested in eating a bank’s lunch.

In short, PSD2 enables bank customers, both consumers and businesses, to use third-party providers to manage their finances. In the near future, you may be using Facebook or Google to pay your bills, making P2P transfers and analyse your spending, while still having your money safely placed in your current bank account. Banks, however, are obligated to provide these third-party providers access to their customers’ accounts through open APIs (application program interface). This will enable third-parties to build financial services on top of banks’ data and infrastructure.
Banks will no longer only be competing against banks, but everyone offering financial services. PSD2 will fundamentally change the payments value chain, what business models are profitable, and customer expectations. Through the directive, the European Commission aims to improve innovation, reinforce consumer protection and improve the security of internet payments and account access within the EU and EEA. It introduces two new types of players to the financial landscape: PISP and AISP. AISP (Account Information Service Provider) are the service providers with access to the account information of bank customers. Such services could analyze a user’s spending behavior or aggregate a user’s account information from several banks into one overview. PISP (Payment Initiation Service Provider) are the service providers initiating a payment on behalf of the user. P2P transfer and bill payment are PISP services we are likely to see when PSD2 is implemented."