online sales and CRS

Susanlove

New Member
hello everyone! I am so happy to find this community where I can learn more about the OECD CRS reporting.

I am from Asia and sell on ETSY online site (an Ireland-based company where CRS applies).
I would like to know if there is any risk of being reported under CRS by selling on ETSY.

ETSY is an online sale platform which is not a financial institution under CRS.
However, ETSY collects money from customers direct, held it for some period (from a few days to at most a month) and send back the money to my local bank account via “Citibank Europe Plc Worldpay Ap Ltd”
ETSY has asked for my ID copy to prove that my local bank account belongs to me and I have done so.

So I am wondering if Citibank Europe Plc or Worldpay Ap Ltd reports me under CRS?
I do not formally have a bank account with Citibank Europe Plc/ World Ap Ltd but I just wonder if I will be regarded as having a depository or custodian account with them?
I have this worry because PayPal, being just a payment gateway, is also under CRS.
Thank you everyone!
Susan
 

Susanlove

New Member
To add, what I am worrying that is that they will report the total amount credited to me if they considered me having a custodial account or other account with Citibank European Plc or Worldpay Ap Ltd. Thank you.
 

xzars

Trusted Member
Business Angel
1. Although your country of residence and Ireland may both be part of CRS, it's not very likely that information reports from Ireland get relayed to an Asian country. Most Asian nations are developing and do not meet the information security standards to be eligible to receive CRS reports even if they are part of it.

Use this link to find out: Exchange relationships - Organisation for Economic Co-operation and Development

From jurisdiction (drop-down menu) - Select Ireland
To jurisdiction (drop-down menu) - Select your country of residence

2. If you see an active information exchange agreement does exists, proceed to ask ETSY directly. It's no longer clear what institutions collect and relay CRS information because the scope has now expanded well beyond the initial agreement.

A simple email should work - "Hello, do you collect CRS information? I want to make sure my address details are OK!"

GL
 

Susanlove

New Member
1. Although your country of residence and Ireland may both be part of CRS, it's not very likely that information reports from Ireland get relayed to an Asian country. Most Asian nations are developing and do not meet the information security standards to be eligible to receive CRS reports even if they are part of it.

Use this link to find out: Exchange relationships - Organisation for Economic Co-operation and Development

From jurisdiction (drop-down menu) - Select Ireland
To jurisdiction (drop-down menu) - Select your country of residence

2. If you see an active information exchange agreement does exists, proceed to ask ETSY directly. It's no longer clear what institutions collect and relay CRS information because the scope has now expanded well beyond the initial agreement.

A simple email should work - "Hello, do you collect CRS information? I want to make sure my address details are OK!"

GL
Thank you very much for your reply!
Unfortunately my country is elgibile to receive CRS from Ireland.
It is under AEOI with Ireland.

I have followed your advice and send an email to ask ETSY.
I hope they will reply me soon.

Once again, thank you so much for your reply! Thank you!
 

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