Does Leopay comply with CRS?

[Nesso]

Hi all,


Do you know if Leopay practice the AIEO or not?
Many if you will answer that as soon as they provide a dedicated IBAN for your account that mean they are like a bank so they will report automatically your account to your home country. But I heard elsewhere that the IBAN is a virtual one which fall under they principal IBAN.
What the real status of this?
Thanks.

 

[Martin Everson]

Do you know if Leopay practice the AIEO or not?

Yes they do

https://leopay.eu/en/faq/current-cl...ational-regulations/common-reporting-standard
----- quote start

Who will be affected by CRS?
The measures and the rules set out in CRS apply to any private individual or legal entity, residing in any participating CRS jurisdiction. However, it is mostly applicable to accounts of foreign tax residents.
CRS is applicable to our clients, who are tax residents of a country different from the host countries of the Financial institutions servicing the LeoPay Platform, such as all EEA countries and others, which start the exchange of tax information in 2017.

What are we required to do under the CRS?
To implement CRS LeoPay Ltd. and the Financial institutions servicing the LeoPay Platform apply the following due diligence procedures:

1. Identify account holders (new and existing) who are likely to be residents for tax purposes in another country.

For individual customers, the criteria are as follows:

• Being a resident of another country
• Physical or mailing address in another country (post office box and care of address (c/o) included)
• One or more telephone numbers in another country and no phone number in the country of residence of the reporting
• Power of attorney or signatory authority granted to a person with a physical or mailing address (including post office or c/o address) in another country
• Standing instructions issued from a LeoPay Ltd. account (other than a current or savings account) to an account in another country

For legal entities, the criteria include the following:

• The country of incorporation or residence is another country
• Current physical or mailing address (including post office box or c/o address) in another country

2. Report information to the local tax authorities
The details that we are required to provide are related to:

• The account holder identity
• The account number
• The year-end account balance
• The income (interest, dividends, gross proceeds, etc.)

----- quote end

 

[Nesso]

Yes they do

https://leopay.eu/en/faq/current-cl...ational-regulations/common-reporting-standard
----- quote start

Who will be affected by CRS?
The measures and the rules set out in CRS apply to any private individual or legal entity, residing in any participating CRS jurisdiction. However, it is mostly applicable to accounts of foreign tax residents.
CRS is applicable to our clients, who are tax residents of a country different from the host countries of the Financial institutions servicing the LeoPay Platform, such as all EEA countries and others, which start the exchange of tax information in 2017.

What are we required to do under the CRS?
To implement CRS LeoPay Ltd. and the Financial institutions servicing the LeoPay Platform apply the following due diligence procedures:

1. Identify account holders (new and existing) who are likely to be residents for tax purposes in another country.

For individual customers, the criteria are as follows:

• Being a resident of another country
• Physical or mailing address in another country (post office box and care of address (c/o) included)
• One or more telephone numbers in another country and no phone number in the country of residence of the reporting
• Power of attorney or signatory authority granted to a person with a physical or mailing address (including post office or c/o address) in another country
• Standing instructions issued from a LeoPay Ltd. account (other than a current or savings account) to an account in another country

For legal entities, the criteria include the following:

• The country of incorporation or residence is another country
• Current physical or mailing address (including post office box or c/o address) in another country

2. Report information to the local tax authorities
The details that we are required to provide are related to:

• The account holder identity
• The account number
• The year-end account balance
• The income (interest, dividends, gross proceeds, etc.)

----- quote end

Thank you for your help.
So we have to check on every EMI to know if they follow the rules or not.

 

[MrGoodman]

Be careful, I heard straight from the horse's mouth that Leopay is starting to kick away foreign corporate clients.

 

[TurnedToRobot]

check out this Leopay is a SCAM! #leopayfraud before considering LeoPay

 

[Nesso]

check out this Leopay is a SCAM! #leopayfraud before considering LeoPay

Yes I saw this report just after I posted my thread...
It is not easy to find an EMI without automatic report...

 

[MrJonesy]

Isn't Transferwise not reporting? I read in their own website that they don't report (for the time being).

 

[Martin Everson]

Thank you for your help.
So we have to check on every EMI to know if they follow the rules or not.

All EMI's in CRS countries should be reporting. It is just some EMI's are either too stupid to realize this or prefer to lie and obscure the facts.

 

[Nesso]

Isn't Transferwise not reporting? I read in their own website that they don't report (for the time being).

Yes for the time being but who knows TW can wait till December and say " Finally we will report all account of 2019"...

All EMI's in CRS countries should be reporting. It is just some EMI's are either too stupid to realize this or prefer to lie and obscure the facts.

They are lying to attract more clients but in the end the report will be effective.

 

[TurnedToRobot]

As long as Transferwise isn't a bank they are not forced to report or are they?

 

[Martin Everson]

As long as Transferwise isn't a bank they are not forced to report or are they?

No banks, EMI's and even card companies that allow a postive balance in excess of the money owed have to report. I covered it in another thread. Transferwise are just acting clueless at present on purpose to continue to grow market share.

Basically if it looks like a Financial Institute and acts like one it has to report. Trust me once the request for assistance (tax related) requests start coming in from foreign governments they will move to automatically report and reduce their work load.

 

[aplusbangla]

Leopay is a scam company, you cannot trust a company that close the accounts of people anytime they want and never give them back their money, or a company that keep changing their T&C every few weeks.