Why do I have to provide personal information to process payments?
Why do I have to provide personal information to process payments?
When opening any financial account, including a payment processing account at Platform, you are required to provide personal information. Financial institutions and their financial partners are required by law to identify and verify the identity of their customers in order to prevent financial crimes such as money laundering and terrorism financing.
Additional Info
The Financial Crimes Enforcement Network (FinCEN) is the regulatory agency responsible for enforcing the Bank Secrecy Act (BSA) which outlines the requirements for customer identification and verification. Under the BSA, financial institutions and their financial partners, such as our payments partner, are required to establish and maintain an effective Customer Identification Program (CIP) that includes verifying the identity of the beneficial owners and controlling members of a merchant
For more information on FinCEN and the Bank Secrecy Act, you can visit the FinCEN website at www.fincen.gov and https://www.fdic.gov/news/financial-institution-letters/2021/fil21012b.pdf.
