the Bank Secrecy Act was amended. In summary, money service businesses (such as PayPal) will be required to verify customers’ personal information prior to providing certain services or customer elected product offerings.
?For some specific products or balance funding options, PayPal may ask you to ensure your full legal name, address, date of birth, and the last four digits of your social security number are accurate. If your information is already on file with us, you may be asked to re-verify this information. If we do not have your information, you may be asked to provide or update this information before we can process your request for a particular product or balance funding action. We may refund monies to your funding source in the event that more information is needed.
PayPal will only ask you for this information if you are logged into your account. If further information is needed, PayPal will contact and direct you to resolve any concerns via our secured Resolution Center beginning in early April 2012.
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The next time you log into your PayPal account, please ensure your full name, address, and
tax ID information are accurate
Bank Secrecy Act
Congress passed the Bank Secrecy Act in 1970 as the first laws to fight money laundering in the United States. The BSA requires businesses to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters. The documents filed by businesses under the BSA requirements are heavily used by law enforcement agencies, both domestic and international to identify, detect and deter money laundering whether it is in furtherance of a criminal enterprise, terrorism, tax evasion or other unlawful activity.
The Internal Revenue Service is a partner in the U.S. National Money Laundering Strategy. The IRS seeks to achieve a balance between enforcement of the money laundering laws and education. This page provides links to information about specific BSA requirements to assist with education and compliance with the law.
Report of Cash Payments Over $10,000 Received in a Trade or Business (Form 8300)
http://www.irs.gov/businesses/small/article/0,,id=159755,00.htmlI am trying to look for the ammendment, but I can not find it.
Seriously wat???
Topic: Bank Secrecy Act was amended, Paypal related (Read 214 times)
