What are the onboarding requirements for business accounts?

Currently, both Standard and Enhanced are required.

 

Standard Business Onboarding Requirements

•  Legal Entity Name
•  Registered Address
•  Principal Operating Address
•  EIN/TIN (or non-US equivalent identification number)
•  Business Entity Type
•  Business Formation Documents
•  Business Ownership Documents
•  KYC on all Beneficial Owners and/or Control Owners (per US or International requirements)
  • All Ultimate Beneficial Owners (UBO): Individual or entity that has complete ownership and control over a business, institution, or legal entity
  • or Control Person (if different than the Ultimate Beneficial Owners): an individual with significant responsibility to control or direct business; typically an executive officer (CEO, CFO, COO, President)
•  Business Description
•  Business Website
•  Disclosure of Customer Money Transmission. If moving customer funds, explanation of compliance screening
  • usually this is a no
•  DAO Status
  • usually this is a no

Enhanced Business Onboarding Requirements

Includes Standard Business Onboarding Requirements plus:

• Source of Funds
• Estimated Annual Revenue
• Disclosure of High Risk Activities
• Disclosure of High Risk Geographies (Cuba, Iran, Myanmar, North Korea, or Syria)
• Primary Account Purpose
• Expected Monthly Transaction Volume (USD)

Adhoc Requests

Please note that we may request the following information in specific instances where additional diligence is required:

• Proof of Funds (e.g. bank statements)
• Proof of Operating Activity (e.g. bills of lading, invoices, receipts, commercial contracts)
• Licensing information for businesses operating in regulated industries
• Ad-hoc requests