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E-wallets and CRS

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makarid
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Re: E-wallets and CRS

Sun Aug 05, 2018 10:25 am

Hello everyone, i would like to share this link that i found on the web. It describes how CRS works and potential loopholes or inefficiencies. I believe it is a good read for everyone who is interested in.

https://tax-free.today/blog/35-ways-to-avoid-the-crs/
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Re: E-wallets and CRS

Sun Aug 05, 2018 8:38 pm

ilovethisforum wrote: Hello everyone, i would like to share this link that i found on the web. It describes how CRS works and potential loopholes or inefficiencies. I believe it is a good read for everyone who is interested in.

https://tax-free.today/blog/35-ways-to-avoid-the-crs/
Very interesting, thank you.
AVJ
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Re: E-wallets and CRS

Mon Aug 06, 2018 1:50 pm

Not sure if a definitive answer has been posted here yet, but I got the following reply when asking about it to Ecopayz:

Thank you for contacting the ecoPayz Team!

In accordance with the current requirements, ecoPayz is not included in the sharing of customer data as part of the OECD Common Reporting Standard. If the requirements change for us, we will implement them and we will communicate it to our customers accordingly.
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arbusers
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Re: E-wallets and CRS

Mon Aug 06, 2018 6:34 pm

AVJ wrote:
and we will communicate it to our customers accordingly.
The main reason why this thread has gone that far is because all e-wallets refused to communicate accordingly and inform the community at the end of 2016 when question marks were that big.
Thanks for sharing this.
Bellazio
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Re: E-wallets and CRS

Thu Dec 06, 2018 5:21 am

Hi guys I emailed skrill asking them if they report accounts because of CRS. I got this answer:

Thank you for contacting the Skrill Help Team.

Paysafe may need to share some data with tax authorities in certain circumstances and in compliance with applicable regulations and laws.

Paysafe shares data with some authorities, fraud prevention and credit reference agencies, with our service providers and where we are required or permitted to do so by law.More information could be found in the Privacy policy.

I still don’t get if they report or no to the CRS
Last edited by Bellazio on Thu Dec 06, 2018 5:24 am, edited 1 time in total.
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Re: E-wallets and CRS

Thu Dec 06, 2018 7:07 am

None of them tell for sure. I guess we won't know until someone gets reported and tells us he was.
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arbusers
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Re: E-wallets and CRS

Thu Dec 06, 2018 9:12 am

It would be good to see the text of your question too as now we see only one side of the equitation.
The CRS is in place for some years now and as we concluded in this long indeed thread, e-money institutions are not reporting data for the CRS per se. Also, absolutely no-one reported an exchange of info in regards to e-wallets and the CRS.
The answer that Paysafe gave you is clear. Exchange of info will take place in certain circumstances.
Bellazio
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Re: E-wallets and CRS

Fri Dec 07, 2018 2:54 am

I sent them this request: hello, I’d like to know if Skrill has to report my data to some kind of authority because of the CRS? I just don’t get why can’t they answer simply no?
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Re: E-wallets and CRS

Mon Dec 17, 2018 12:03 pm

Bellazio wrote: I sent them this request: hello, I’d like to know if Skrill has to report my data to some kind of authority because of the CRS? I just don’t get why can’t they answer simply no?
For Skrill not.

https://www.skrill.com/en/footer/privacypolicy/
https://www.skrill.com/en/footer/terms-conditions/skrillaccounttermsofuse/
Last edited by jarora on Thu Jan 03, 2019 5:09 pm, edited 1 time in total.
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Re: E-wallets and CRS

Mon Aug 26, 2019 6:41 am

Do e-wallets  (skrill, neteller, ecopayz) care if you are transferring funds between users and both users are known bettors to sportsbooks? Would they ever make this link?

Obviously books try negate multi accounting by asking for full transaction history of e-wallets if they suspect multi accounting, but I was curious on if e-wallets care for funds being sent from person to person when both parties are clearly bettors.
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arbusers
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Re: E-wallets and CRS

Mon Aug 26, 2019 8:31 am

I am not sure if your question is related to the CRS. If it is, please let me know.

One of the basic features of e-wallets is P2P transactions. It is common that players send funds one to another for betting reasons.
However, e-wallets have to comply with several laws/directives/agreements etc, and they do audit accounts. If one account is considered as dangerous during auditing then further scrutiny will take place and explanations will be asked. That being said, I don't believe anyone would care if you send low amounts of money to a friend for pure betting reasons, but they will surely care if you send higher amounts, or if the number of friends is bigger than normal.
Unfortunately, it is not possible to set a limit of funds or a limit of friends to receive funds, simply because the auditing and point system is so much complex that even the country of origin plays a major role.
I hope that helps.
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Re: E-wallets and CRS

Mon Aug 26, 2019 3:57 pm

Skrill & Neteller will change to Ireland jurisdiction for Europeans after 31 Oct

I wonder if this might change the fact that they currently don't report under CRS.
Given it's the UK HMRC that gave them the green light for not reporting as they are not a depository institution.
Ireland might be different in this regard...
Anyone has some info on that, maybe arbusers?



How we are planning to operate after Brexit

The United Kingdom is expected to leave the EU on 31 October 2019 (commonly known as “Brexit”). We have been working hard to minimise any impact this has on our members and to ensure that NETELLER can continue to provide you with uninterrupted services after Brexit.

To do this we need to change how we provide services to our members in the European Economic Area (“EEA”).

Our services are currently provided to members in the EEA through Paysafe Financial Services Limited (company number 04478861), a UK Financial Conduct Authority authorised and regulated electronic money institution (FRN: 900015).

After Brexit, we will provide services to our members in the EEA through a Paysafe group company based in Ireland, Paysafe Payment Solutions Limited (“PPSL”) (company number 626665). PPSL is authorised and regulated by the Central Bank of Ireland as an electronic money institution (register number C184986).

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After Brexit your NETELLER Account and the services you receive from NETELLER will be provided by PPSL and will be governed by new terms of use between you and PPSL. The new terms of use will be substantially the same as your current terms of use with Paysafe Financial Services Limited and you will receive the same services as you do today. Minor changes to the current terms of use are required to reflect the transfer of your NETELLER Account to PPSL, including:
changing the details of the NETELLER service provider to PPSL;
changing the governing law and jurisdiction to Ireland; and
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arbusers
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Re: E-wallets and CRS

Tue Aug 27, 2019 2:01 am

There is no indication (so far) of any changes in regards to the CRS due to Brexit.
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Re: E-wallets and CRS

Tue Aug 27, 2019 8:24 am

Since they will migrate to Irland there will be no changes about CRS because same EU laws will apply.
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Re: E-wallets and CRS

Tue Aug 27, 2019 7:25 pm

arbusers wrote: I am not sure if your question is related to the CRS. If it is, please let me know.

One of the basic features of e-wallets is P2P transactions. It is common that players send funds one to another for betting reasons.
However, e-wallets have to comply with several laws/directives/agreements etc, and they do audit accounts. If one account is considered as dangerous during auditing then further scrutiny will take place and explanations will be asked. That being said, I don't believe anyone would care if you send low amounts of money to a friend for pure betting reasons, but they will surely care if you send higher amounts, or if the number of friends is bigger than normal.
Unfortunately, it is not possible to set a limit of funds or a limit of friends to receive funds, simply because the auditing and point system is so much complex that even the country of origin plays a major role.
I hope that helps.
All makes sense  thank you

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