Paydo Business Bank Account

[GF150]

I fully agree with you, as regards⁠ US Companies and taxpayers. However, can you, please, elaborate - why is that different in⁤ comparison with EU entities. The banks (and possibly the EMIs) have to report their EU⁣ clients as well. Some EMIs say they aren't CRS because they are not banks. Are⁢ they right therein ? I personally wouldn't bet on that. That would be a massive︀ breech in the EU's totalitarian policy. Too good to be true.

 

[ilke]

Because US taxpayers are reported via FATCA while the rest of the world is⁠ reported via CRS. The payment provider would have to get a GIIN, verify tax status⁤ with the US forms, and integrate the tech-side sending system. It's not necessarily a super⁣ hard process but also might not be worth their time – or they can be⁢ scared of making a mistake, in which case US punishments are very large.
Until now, it was not mandatory for EMIs to participate in reporting,︃ some already do voluntarily (e.g., iCard, maybe Zen). There are meant to be some changes︄ in 2026 but there is incomplete clarity (as with most EU projects).

 

[VladKiri]

in which high-risk industry he works?

 

[bubbledouble]

don't know, was a wild‍ guess, thanks for clarification.

 

[GF150]

You're welcome. Just think that 30-40 years ago nobody would make any difference....