Why did we close our PayPal account?

    Recently, the customer got a call from PayPal and offered to change the type of account from personal to corporate + send documents confirming the legality of legal activity until the 16th. Unfortunately, if you have money in your PayPal account and you follow these recommendations, you may be accused of financing terrorism. Why?

    Since September 16, 2013, this company transfers its liabilities on accounts to a Russian daughter .

    As for the current money in the PayPal account and its withdrawal, this money can in no case be transferred to the settlement account of the individual entrepreneur, neither before the company is transferred from Singapore to the Russian Federation, nor after, because in fact, this money was received on the territory of the Russian Federation from abroad illegally. (Federal Law of August 7, 2001 No. 115-ФЗ (as amended on June 28, 2013) “On Counteracting the Legalization (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism”).

    What can be done?

    1. You can withdraw current funds to the card of an individual in an American bank (if any).
    2. If not, you can withdraw current funds by transferring these funds to the account of the person / organization, which can then provide a withdrawal.
    3. Exchange these funds with subsequent transfer to Russia. For example, through exchange offices that change PayPal to Yandex.Money, or QIWI, or WebMoney, or cash.
    4. Search for other output methods.

    Then close this account, and after the start of the functioning of the Russian "daughter" (September 25), conclude a new agreement with it for an individual entrepreneur or LLC, open a new account with the aim of further accepting funds into it and transferring it to the settlement account of an individual entrepreneur or LLC.

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