just had the following mail from paypal....

stolt

hi there, just logged into my paypal account, only been using it for a few weeks and verified etc, but got this, and ive tried completing the steps, but i'm wondering who they are passing this information onto, concerned now, not that i'm doing anything wrong or illegal and vat etc is paid on the items before i sell them so thats not really a issue.

anyone else had this from paypal, and is it nothing to worry about

''
We are sending you this notice because you have received more than
650.00 GBP in total payments to your PayPal account.

PayPal is required by law to comply with European Union Anti-Money
Laundering regulations to collect information from customers when they
receive more than the set limit in total payments. Please log into your
account, go to the Account Overview page, and follow the instructions
there about how to provide the required information. These steps need to be
completed as soon as possible to comply with this regulation.

If you have any trouble completing these steps, please contact Customer
Service at 08707 307 191
''

motorguy

I wouldnt let it worry you if you're only selling your own household second hand items.

However if you're selling items for profit on ebay (whether new or second hand) then this is the start of a paper trail held by paypal and ebay, should it ever be requested by HMRC.

withabix

stolt wrote: »

hi there, just logged into my paypal account, only been using it for a few weeks and verified etc, but got this, and ive tried completing the steps, but i'm wondering who they are passing this information onto, concerned now, not that i'm doing anything wrong or illegal and vat etc is paid on the items before i sell them so thats not really a issue.

anyone else had this from paypal, and is it nothing to worry about

''
We are sending you this notice because you have received more than
650.00 GBP in total payments to your PayPal account.

PayPal is required by law to comply with European Union Anti-Money
Laundering regulations to collect information from customers when they
receive more than the set limit in total payments. Please log into your
account, go to the Account Overview page, and follow the instructions
there about how to provide the required information. These steps need to be
completed as soon as possible to comply with this regulation.

If you have any trouble completing these steps, please contact Customer
Service at 08707 307 191
''

They are legally obliged to get this information from you in accordance with European Union Anti-Money Laundering regulations as Paypal is a regulated business.

They need to link your name, address, bank account and ebay/paypal accounts.

Everyone who uses Paypal in Europe has to do this at some stage, when they have reached a certain amount of funds through their Paypal account.

stolt

pgilc1 wrote: »

I wouldnt let it worry you if you're only selling your own household second hand items.

However if you're selling items for profit on ebay (whether new or second hand) then this is the start of a paper trail held by paypal and ebay, should it ever be requested by HMRC.

oh ok thanks, yes mostly second hand items, even if it is a few weeks the items are open and used such as xbox games, and mobile phones etc.

scorpianking02

Yeh, I had this quite a while ago. Really easy. I didn't even have to complete all the steps Doesn't take too long once you've completed it for your account to get back to normal. Just a few days if I remember correctly...

freddysmith

Don't think it will be long before the Tax Office starts going through all the Non UK business Ebay members that have a healthy selling record. They will need to fund the MP's pay round somehow :rolleyes:

soolin

freddysmith wrote: »

Don't think it will be long before the Tax Office starts going through all the Non UK business Ebay members that have a healthy selling record. They will need to fund the MP's pay round somehow :rolleyes:

I know you are off topic, but it made me laugh :j