EMI & CRS/AEOI locations

bigladsmith

Mentor Group
Mentor Group
Basic question that I can’t find answer to....

Which EMI’s are located in non- CRS countries? Any?
 

Dubsize

Building Trust
Entrepreneur
Can someone else comment on this? EMIs were not considered "financial institutions" from what I know?
What's wrong with you? EMI are reporting the sh** out of you.
EMI are regulated body, taking deposit, moving money etc... this also works for online brokers etc... they report.
 

Educate

Trusted Member
Business Angel
What's wrong with you? EMI are reporting the sh** out of you.
EMI are regulated body, taking deposit, moving money etc... this also works for online brokers etc... they report.
No, CRS laws does not qualify EMIs as banks aka financial institutions since they are not depositors. Your argument is invalid. EMIs report only if they are registered as banks unless laws have changed since 2016.

Online brokers do not have obligation to report as per CRS.
 

mrau

Building Trust
Entrepreneur
No, CRS laws does not qualify EMIs as banks aka financial institutions since they are not depositors. Your argument is invalid. EMIs report only if they are registered as banks unless laws have changed since 2016.

Online brokers do not have obligation to report as per CRS.
Well, I had accounts at LeoPay (EMI) and they did report them to my country's taxman under AEOI.
 

Dubsize

Building Trust
Entrepreneur
Someone must stop that guy from spreading BS :eek:
Leopay has no banking licence, they are reporting like any other EMI located in CRS country.
 

alex777

New Member
It's depend of local regulation.

UK:
Electronic Money Institutions authorised under the Electronic Money Regulations 2011 (EMR), which implements the European Union Electronic Money Directive (2009/110/EC) (EMD) in the UK, are not deposit takers for the purposes of the EU Capital Requirements Directive (2013/36/EU) (CRD). Issuing electronic money (e-money) in exchange for funds, i.e. providing an e-money account in which to hold funds, does not constitute deposit taking. Consequently, Electronic Money Institutions will not fall within the definition of Depository Institution, which requires deposits to be accepted in the ordinary course of a banking or similar business.


Malta:
It's more complicated:
 

bigladsmith

Mentor Group
Mentor Group
So for the U.K. doe they report under CRS? It’s not clear.

How about Mistertango, they are located in Lithuania
 

Educate

Trusted Member
Business Angel
So for the U.K. doe they report under CRS? It’s not clear.

How about Mistertango, they are located in Lithuania
Lithuania reports 100%. For UK - not fully clear, they should be reporting, but maybe brexit is impacting this?
 

Educate

Trusted Member
Business Angel
What brexit has to do with this ?
UK fully reporting. You guys are fool!!!
"is fully reporing", "fools". Plural.

There were recent news with UK using new laws as tax shielding for corporations. Obviously there are some loopholes that could be used.
 

Martin Everson

Offshore Consultant
Business Angel
Was on holiday so missed a lot of the conversations but I am back now thu&¤#

Yup forget avoiding CRS via EMI's unless located in non-CRS country obviously. Some EMI's may have decided to do correct action and report already. Others such as transferwise are still deciding.

 
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