Why we closed PayPal account

Recently, a customer was called from PayPal and offered to change the account type 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, then you may be accused of financing terrorism. Why?

From September 16, 2013, this company transfers its obligations to the accounts of the Russian daughter .

As for the current money in the PayPal account and their withdrawal, this money can in no case be transferred to the PI account, neither before the company’s transfer from Singapore to the Russian Federation, nor after. in fact, this money was received in the territory of the Russian Federation from abroad by illegal means. (Federal Law of August 7, 2001 No. 115- (as amended on June 28, 2013) “On Countering the Legalization (Laundering) of Criminally Income and the Financing of Terrorism”).

What can be done?

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

Then close this account, and after the start of the Russian subsidiary’s operation (September 25), conclude a new contract with an IP or LLC with it, open a new account with a view to further accepting funds for it and transferring the IP or LLC to the settlement account.