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Thread: PayPal & EU Regulations.

  1. #1
    Join Date
    Feb 2011
    Location
    UK.London
    Posts
    9

    Smile PayPal & EU Regulations.

    Hi I have had Numerous problems with PayPal and their Verification Rules,Im in the middle of a County Court case,let me point out what the EU.AML(anti-money laundering) Regulations State,Not what PayPal State,PayPal State they comply with the EU.AML Directive 2005/60/EC. I refer to Verification.Article 8. CDD.1.Customer due diligence measures shall comprise.(a) indentifying the customer and verifying the customer's identity on the basis of documents,data or information obtained from a reliable and independent source.(b) (c) I refer to Article 9 (5) Member States shall require that,where the institution or person concerned is unable to comply with points (a) (b) and (c) of Article 8(1),it may NOT carry out a transaction through a Bank account,establish a business relationship or carry out the transaction. it is for PayPal to Verify the information you give them,NOT you Verifying Your Identity. I would then go onto the EU.E-Money(Electronic) Directive (2009/110/EC) The rules in the E-Money Directive MUST be in Force in ALL EU countries by 30 April 2011.I refer to Article 11. Issuance and redeemability. 1.Member States shall ensure that electronic money issuers issue electronic money at part value on the receipt of funds.2.Member States shall ensure that,UPON request by the electronic money holder,electronic money issuers(PayPal) redeem,at ANY moment and at par value,the monetary value of the el;ectronic money held.3.The contract between,the electronic money issuer and the electronic money holder shall CLEARLY and Prominently state the conditions of redeemption,including and fees relating thereto,and the electronic money holder shall be informed of those conditions BEFORE being bound by any contract or offer. I would then go onto Article 18. Transitional provisions. Compliant electronic money institutions shall be granted authorisation,shall be entered in the register,and shall be required to COMPLY with the requirements in Title II. Where electronic money institutions DO NOT COMPLY with the requirements laid down in this Directive by 30 October 2011,they shall be PROHIBITED from issuing electronic money. I then go onto Article 19. 2.in Article 11(5),point (d) is replaced by the following: (d) electronic money,as defined in point 2 of Article 2 of Directive 2009/110/EC of the European Parliament and the Council of 16 September 2009 on taking up,pursuit and prudential supervision of business of electronic money institutions whare,if it is possible to recharge,the maximum amount stored electronically in the device is no more than EUR 250,or where,if it is possible to recharge,a limit of EUR 2500 is imposed on the total amount transacted in a calendar year. I would State,If PayPal refuses to Verify the Details YOU give them,refer to Article 8 & 9 of the 2005/60/EC of the European Parliament. CDD.I would also ask,How does PayPal Trasfer payments into your Bank account? I receive mine via Bank Giro Transfer,I would then refer to (9) Member States may exempt electronic giro payments,provided that it is always possible to trace the transfer of funds back to the payer. I ten go onto (11) For transfer of funds made from an account,payment service providers(PayPal) shall not be required to VERIFY information on the payer accompanying each transfer of funds,where the obligations under Directive 2005/60/EC have been met.
    ALL these EU Directives mean that once you have opened a account with PayPal,PayPal must Verify the information you give them,it is NOT for you to Verify your Details but PayPal,if PayPal is Not able to Verify the information you gave them,then No account should be open. PayPal must release buyers payments into your Bank account without Delay,NOT 180 days Later.if you have problems with PayPal over Verification,Dont hestitate,get into touch with the EU Regulator. CSSF in Luxembourg,benoit.juncker@cssf Good Luck

  2. #2
    Join Date
    Feb 2011
    Location
    UK.London
    Posts
    9

    Smile PayPal Verifiction.

    Hi I would like to refer to the EU.anti-money laundering(AML) Directive:2005/60/EC Article 8. 1.Customer due diligence shall comprise:
    (a) identifying the customer and verifying the customer's identity on the basis of documents,data or information obtained from a reliable and indepent source. Article 9. 1.Member States shall require that the Verification of the identity of a customer and beneficial owner takes place BEFORE the establishment of a business relationship or the carrying-out of the transaction.
    2.By way of derogation from paragraph 1, Member States may allow the Verification of the identity of the customer and the beneficial owner to be completed during the establishment of a business relationship if this is neccesary not to interupt the normal conduct of business and where there is little risk of money laundering or terrorist financing occuringmin such situations these procedures shall be completed as soon as practicable after the initial contact. I would like to refer to PayPal's User Agreement,the Privacy Policy. 3.Information About You From Third Parties. In order to protect all our customers against potential fraud,WE VERIFY the information you provide with the "Payment Processors" and/or "Credit Reference and Fraud Agencies" listed in the table under the section"Disclosure to Third Parties Other than PayPal Customers"
    Additional Verification.
    If we cannot verify the information that you provide,or if you request a withdrawal by cheque, I would refer to Article 9,If you cannot Verify the deatls of the customer,NO Business relationship should begin.I would like to point out,Once the PayPal account has been set up,no further Verification is neccesary,so the Directive States.:

  3. #3
    Join Date
    Apr 2012
    Posts
    10

    Default PayPal EU Regulations

    Ive just started using paypal for the first time. Ive received a payment and set up my bank account. Yesterday I withdrew the money to my account and it said it could take between 2 and 3 days for the withdrawal to complete.
    However just now I logged into paypal and it says that the withdrawal is complete. I was very happy and logged straight into my bank but unfortunately the money isnt there yet. So where is my money as paypal says its completed?
    Should I be worried? Or is it ok? I just dont want my money to go missing

    Launa

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