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EMI no CRS

#25
Btraveler said:
Exac

Exactly. A rubish mix of jurisdictions, but, in fact, they are shady russian people behind
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Which means that I wouldn't put too much money with them. If you have a legit business and need to have real money on the account, I think Transferwise is the best bet. You can't be sure that it will work in the long run, things change fast and you will have to adapt.
 
#27
Already got an answer from EMI representative. He said that their partner bank doesn't have information on retail customers, thus it can't report it.
Only EMI itself can do CRS reporting, if it does it at all, that is.
 
#30
dirtyharry said:
Paysera, AdvCash and some of the more shady EMI's around will not report as it is right now.

I researched a little in the resource section
https://www.offshorecorptalk.com/resources/categories/emi-electronic-money-institution.5/
From there I see at least that converta, Boon and Bilderlings does not report.
Wonder if bankera and perversk are reporting @Gediminas
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Paysera is licensed in the EU so this means they are obliged to report. Even if their customer support tells you different, don't be misled (sometimes they don't know what they are talking about).

Bankera and Pervesk are reporting too. And all of the other EMI's with European licenses.
 
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#31
I have recently asked the same question to BitSafe support. They have Dutch license, so that's EU.
And they have answered me this:

"Although the Netherlands is part of the CRS agreement, Bitsafe is not a bank
and not required to do so. However, we are legally required to provide any
information that is requested by official, governmental agencies. It will always
go through the Dutch authorities and never be reported directly to any other
governmental organization.
"
 
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#33
Igemon said:
I have recently asked the same question to BitSafe support. They have Dutch license, so that's EU.
And they have answered me this:

"Although the Netherlands is part of the CRS agreement, Bitsafe is not a bank
and not required to do so. However, we are legally required to provide any
information that is requested by official, governmental agencies. It will always
go through the Dutch authorities and never be reported directly to any other
governmental organization.
"
Click to expand...
The actual bank that holds the IBAN will report you
 
#37
So I asked BitSafe again, and they said that they issue their own cards, and use external bank only for international wire transfers, as the Bitsafe IBAN is not connected to the SWIFT network yet.
That's why nobody will report me if not specifically asked to do it, or if a regulation changes somehow.
I'm not an expert in banking services but that sounded solid enough.
 
#38
Igemon said:
So I asked BitSafe again, and they said that they issue their own cards, and use external bank only for international wire transfers, as the Bitsafe IBAN is not connected to the SWIFT network yet.
That's why nobody will report me if not specifically asked to do it, or if a regulation changes somehow.
I'm not an expert in banking services but that sounded solid enough.
Click to expand...
They will report you, they are an EMI controlled by the Dutch Central Bank. They are obliged to do it. The only way of avoiding CRS is opening a bank account in a non CRS country
 
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#39
#40
Also, I have an account with Black Cat Card, that's a Maltesian EMI which DO report it's clients over CRS protocol and officially confirm that.
And they asked me for a TIN to make a report. No other EMI ever asked for a TIN. Maybe it's a sign they actually don't report as they claim.
 
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