To comply with the FinCEN mandate for customer due diligence, when you’re getting started with Wave Payments we are required to obtain information about every person with 25% or more ownership involved in your business.
Does this apply to me?
In Canada, you’ll need to supply ownership information if your business is a corporation, a partnership, or a non-profit.
In the US, everyone must supply this information regardless of business type.
What do I need to do?
When you’re setting up Wave Payments, you’ll need to provide information for any person with 25% or more ownership of your business. In other words, you’ll need to enter the information for at least one person, and for up to four people.
What if there's no one with 25% or greater stake in your business? If there's someone with significant responsibility to your company (a CEO, CFO, COO, Partner, President, or Vice President, for example) add their information.
Remember that total ownership cannot be more than 100%.
For each person, you’ll need to provide:
- First and last names
- Date of birth
- Address
- Social Security number (in the US)
- Percent of business owned