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Payoneer and OECD

Discussion in 'Business & Tax Advice' started by nakamura, Jun 16, 2016.

  1. nakamura

    nakamura Senior Member

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    I am wondering how Payoneer behaves with OECD. I use Payoneer EU (Gibraltar).

    Will they automatically send information of my account to my country?


    I already did a research on that and the only thing I found is this post on the Payoneer board. Also I tried to make a thread on the board to ask as well, but somehow they don't approve my question.

    This is for Payoneer US, but how about Payoneer EU?
     
  2. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

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    It's the same. They aren't required to provide any information, so they don't send any info by default, but if there's a request from any government, they need to comply.
     
  3. nakamura

    nakamura Senior Member

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    So they won't do it automatically, cuz they are not an official bank account?
     
  4. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    If they are not regulated on the banking sector they don't need to report anything.. But I wonder what regulations apply for financial service companies in the USA which they must belong to if they are a US corporation.
     
  5. nakamura

    nakamura Senior Member

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    Thats the reply I got from Payoneer. Not really sure what it really means, since english isn't my mother language.
    So, are they sending any information (OECD) or not?
     
  6. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    There is something strange going on there. I would really like to see some sort of license or other documents to be sure they are regulated some how. On the otherhand they seem to be a large company after all that I'm suprised how they can fly under the radar of the authorities.
     
  7. lilmasta

    lilmasta Elite Member

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    Well i have been using them from a year now, no problem so far
     
  8. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

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    I'm pretty sure, they're legally allowed to do, what they're doing, they're just too big to be able to fly under the radar and don't comply with regulations. Also i don't think that MasterCard would work with a shady company and they're working together maybe since the very beginning, but at least for 8 years now (that's when i got my first Payoneer card, which was a MasterCard.)

    They aren't a bank, they're a payment service.
    If you read carefully what nakamura quoted from them in his OP and later, the explanation is there or between the lines. :)
     
  9. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    Slow down body.. Payoneer may be legit but from a legal perspective if makes no sense how they operate. Actually it seems they are not obligated to comply to any of the International regulations so I actually give a damn s. about how long they have been in operation or if you read something between someones lines. Fact is that all financial operations licensed or unlicensed, regulated or unregulated have to comply to some very basic regulations, the Patriot Act and International Money Laundering regulations https://www2.deloitte.com/content/d...ney_Laundering_Directive_Deloitte_Ireland.pdf - they don't, and that's what I find interesting.