When do PSP report account holder? (Advcash, Leupay, Worldcore etc)

[challenge]

One of the daily questions is:

• do these Payment Services Providers (advcash, leupay, worldcore etc) report the account holders name to his country?

These entities are subject to anti money laundering rules. They are pretty standard in Europe.

Even if they say they will not report, that's not 100% true.

This link will explain how, what, when and who will be reported:

How to comply with EU Payments Regulation - GOV.UK

 

[cutmetwo]

That is true but they don't know me so I don't care

 

[negon]

Well I agree with you OP. A simply account signup at these services will not guaranatee you any privacy nor avoid you to be reported!

It is important to do proper research on this topic in order to learn and understand how it is possible to bank with privacy and to keep the ball low. I will encourage people to take the time to go throug the many topics about the same here on offshorecorptalk to learn how to avoid the heavy reporting that is going on with almost any bank on tis globe.

 

[JohnLocke]

It's complicated to know what the banks actually are going to report and what they won't report. There are so many different announcements from different people that my best suggestion is to rethink your option before you do anything. I still trust the Cyprus banks not to report more or less according to what @auric wrote here CRS and Cyprus bank accounts

 

[challenge]

There are so many different announcements from different people

Well there would be so much to say that it would open many cans of worms.

Customers are scared, bank employees are disoriented. The only one happy are countries tax agencies, because they know banks and wallets are forced to keep the data for 5+ years, so even if things start slow they will get there.

It's plenty of wrong info around. Plenty of shady people with shady businesses too.
Add that everyone's case is different (revenue, country of residence, citizenship etc) and it's a complete nightmare if read out of context.

Also be careful of the dozens of improvised international tax experts around forums.
Many of them are just a one man band in their bedroom, ripping people off and don't even have a basic law/tax education to give the paid ($$$$) advice/services they sell

It's true that there are many holes in the system, the big brands (those having hundreds of employees working on this daily) know how to use them and move millions without being reported.

Usually it's just much easier for the small entrepreneurs (if you're not US citizen ofc) to relocate to a tax haven and do things from there, crystal clear and in a legal way, paying legally just 5% of taxes or less, without having to live hidden like a drug boss.

 

[negon]

Also be careful of the dozens of improvised international tax experts around forums.
Many of them are just a one man band in their bedroom, ripping people off and don't even have a basic law/tax education to give the paid ($$$$) advice/services they sell

If you believe all what you read on the Internet without to do your own research you get very disappointed!

 

[Marin Stoyanov]

I would suggest first to read in details Legal, Terms & Conditions, International Regulations for each provider. Least but not last, read more about Automatic Exchange of Information (AEI) and Common Reporting Standard (CRS).

Also i think that even if they don't report their clients, the Government can request data about you if they are suspicious.

Best,
Marin

 

[Internationaloff]

It's important to know the difference between Pre-existing and New accounts.
Summary of the Common Reporting Standard (“CRS”)

 

[Internationaloff]

One of the daily questions is:

• do these Payment Services Providers (advcash, leupay, worldcore etc) report the account holders name to his country?

These entities are subject to anti money laundering rules. They are pretty standard in Europe.

Even if they say they will not report, that's not 100% true.

This link will explain how, what, when and who will be reported:

How to comply with EU Payments Regulation - GOV.UK

Leupay reports automatically clients and account information to the tax authorities:
The account holder identity
The account number
The year-end account balance
The income (interest, dividends, gross proceeds, etc.)

 

[pincho]

One of the daily questions is:

• do these Payment Services Providers (advcash, leupay, worldcore etc) report the account holders name to his country?

These entities are subject to anti money laundering rules. They are pretty standard in Europe.

Even if they say they will not report, that's not 100% true.

This link will explain how, what, when and who will be reported:

How to comply with EU Payments Regulation - GOV.UK

They report me for my transfers and confirmed it.

 

[bountymounty]

One of the daily questions is:

• do these Payment Services Providers (advcash, leupay, worldcore etc) report the account holders name to his country?

These entities are subject to anti money laundering rules. They are pretty standard in Europe.

Even if they say they will not report, that's not 100% true.

This link will explain how, what, when and who will be reported:

How to comply with EU Payments Regulation - GOV.UK

the listed operators are not PSP's payment service providers! They are EMI providers!