To comply with the FinCEN mandate for customer due diligence, beginning May 11, 2018, when you’re getting started with Payments by Wave, we are required to obtain information about every person with 25% or more ownership involved in your business.
Does this apply to me?
In the US, you’ll need to provide this information if you’ve indicated that your business is a corporation, a multi-member limited liability company (LLC), or a non-profit.
In Canada, you’ll need to do so if your business is a corporation, a partnership, or a non-profit.
What do I need to do?
When you’re setting up Payments by Wave, 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
- Social Security number (in the US)
- Percent of business owned
You’re almost there! Now you can move on to telling us where you want your money deposited and getting paid.