Stripe, our credit card payment processor, aids in the dispersion of funds to you. Stripe can verify the identity of a business with a tax ID number, however they must also verify the identity of the individual representing business based outside of the US. Similar to any organization that sends funds to individuals or businesses, Stripe is required to follow the The PATRIOT Act’s “Know Your Customer” (or KYC), or other local, regulations to collect information about individuals & companies. To enable these checks, Stripe needs to gather certain information so they can verify your identity.
For all companies regardless of location, the following information will be required:
- Company address
- Company tax ID (for example, Federal Employer ID Number in the US, Companies House Registration Number in UK, etc.)
For companies located outside of the United States, Stripe also requires the following information about all executives, directors, and owners:
- Legal Name
- Mailing address (only for executives and owners)
- Photo ID
These requirements are primarily so the relevant governments can ensure that money is not being transferred to individuals or individuals representing a business who are on a “Prohibited Persons” list (sanctions, terrorism, money laundering).