Automatic Exchange of Information or Common Reporting Standard

[Bitcorn]

Hi there, first of all I'm not sure is this is the right place to post my question as I'm new to the forum.

As many of you already know, the AEOI and CRT will make useless to have money in some offshore countries.

But I have a question, do you know if the AEOI and CRT will also apply to e-money issuers like Neteller or Skrill?? Both are based in Isle of Man. Isle of Man is a memeber of the AEOI and CRT but somebody told me that e-money issuers are not obligated to report any information.

Regards.

 

[JohnLocke]

Hi, welcome aboard 🙂

Depends on where the company that handles the e-currency / e-money is‌ located. There are international laws like the Patriot Act - Wikipedia, the free encyclopedia and International law and guidance on money laundering | Legal and regulatory | ICAEW in place‍ to make sure that everything gets reported accordantly. If the company comply to these rules⁠ or not is up to them but it will sooner or later course them troubles⁤ not to do so.

 

[SasxInc]

I think AEOI and CRT apply for e currency too. Neteller, skrill or other online‌ payment processors also bound by the law🙁

 

[JohnLocke]

I'm afraid that you are right with Skrill and Neteller. It can be that some‌ companies still not have complied to the regulations but sooner or later will have to.‍

 

[Bitcorn]

Ok, thank you for your answers.

Edit: Just found this article.

Paypal and Neteller will‌ remain safe? - Crystal Worldwide

I will contact them and ask them for more info.‍ I will also contact Neteller.

 

[negon]

A great alternative to Neteller and Skrill is EntroPay and Payoneer. Payoneer is damn slow‌ compared to Entropay in verification but both issue a Visa debit card and both can‍ be opened with fake documents if required 😉