EMI now asking for TIN

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russelw65

New member
Hello,

I have been consistently using an EMI (Lithuania based Walletto / IBANDIRECT) and now they have asked for my TIN.

I transfer funds from another IBAN (Globitex) to my Walletto account. I then load a VISA card on Walletto/IBANDIRECT for day-to-day expenses, but now they are saying my KYC is 'incomplete', without tax details. I am a UK citizen.

Is this normal? Should I be nervous about providing such details for reporting reasons? The account has been open for at least 2 years, so a bit odd.

Thanks in advance!

Russel
 

Sols

Staff member
Mentor Group Gold
Nothing to worry about, provided you have your affairs in order and haven't been doing something as risky as evading taxes and relying on EMIs for secrecy. That can spiral into money laundering.

EMIs are subject to CRS, and they are simply catching up with this reality. Regulators and tax authorities focused on banks first but are now coming after EMIs. Just a matter of time before they are all up and running, reporting under CRS.

If your affairs aren't in order, your best bet is to act proactively by seeking legal advice. Preempt the HMRC.
 

russelw65

New member
Thanks for the quick reply Sols.

The capital has already been taxed onshore (UK) and then moved offshore. The account usually has <10k euros so just wondering why they need such details.
 

russelw65

New member
Apologies @admin - I think this should be in the 'offshore bank accounts and EMI section' of the forum. My mistake. Please could it be moved
 
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