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Why Do We Need to Provide a Social Security Number for Our Principal Shareholder?
Why Do We Need to Provide a Social Security Number for Our Principal Shareholder?
Updated over a year ago

Businesses classified as a "money transmitter" business are under the scope of the new FinCEN regulations. These new FinCEN regulations call on the CDD Final Rule, which states

that we must "identify and verify the identity of customers."

Personal information, as name and Social Security Number, is needed to ensure that the person opening the account is not financially fraudulent/a financial terrorist. This complies with the US Patriot Act. Our payment partner needs this data to verify the identity of the principal shareholder to complete the underwriting process.

IMPORTANT: Your Social Security Number is not stored at any time.

This verification is done by an OFAC check. These checks run your information through a database managed by the U.S. Government. The check attempts to limit an individual's access to financial products and services that could help them carry out illegal activities, such as laundering money.

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