New PayPal Regulations

How will these affect the use of PayPal for merchants? Discussion?

 

What are they?

 

Well, if you use PayPal, they sent out an email. Ill copy the most relevant parts (sorry for wall of text):

...We wanted to take this opportunity to share with you some changes that you can expect beginning in April 2012.
In July 2011, 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.
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What changes can I expect?
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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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What can I do to help ensure my information is updated?
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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.
If you need to make an update, you can complete the process by following these instructions:
1. Log in to your PayPal account.
2. Click "Profile" near the top of the page.
3. Click "Update" or “Change” beside the Name, Address, or Tax ID Number field(s).
We appreciate your business and look forward to our continued partnership.
PayPal

© 2012 PayPal Inc. All rights reserved.

I assume this will simply help make transactions a tiny bit safer? Or could it have larger implications on the sale of virtual goods?

 

k not using paypal anymore.

edit: i didn't get a paypal email am i gud? (canadian pp)

 

yep, It's just the US due to the government cracking down on any vestiges of Freedom in this country.

Canadian PP should be fine.

 

Yeah well when people don't report their income through PP and Amazon and thus abuse the system, this kind of stuff happens.

 

thats why greendot reqs social security now

 

so would it be best if i sold all my gold now before april 1st, then transfer it to my bank account?

 

sad government