Nearly there! We just need to ask you a few questions to confirm your identity before you submit your application.
Under the Electronic Signatures in Global and National Commerce Act (E-Sign), this Agreement and all electronically executed documents related hereto are legally binding in the same manner as are hard copy documents executed by hand signature when: (1) ISO or User’s electronic signature is associated with the Agreement and related documents, (2) ISO or User consents and intend to be bound by the Agreement and related documents, and (3) the Agreement is delivered in an electronic record capable of retention by the recipient at the time of receipt (i.e., print or otherwise store the electronic record). When accepted in electronic form, this Agreement and all related electronic documents shall be governed by the provisions of E-Sign. By pressing “Submit”, “Accept” or “I Agree”, ISO or User, as the case may be, agrees: (i) that the Agreement and related documents shall be effective by electronic means, (ii) to be bound by the terms and conditions of this Agreement and related documents, and (iii) that it has had the ability to print or otherwise store the Agreement and related documents.
To help the government fight financial crime, Federal regulation requires us, on behalf of our bank partner, to obtain, verify and record information about the key individuals who own or control legal entity customers (i.e. the “beneficial owners”). Requiring the disclosure of the beneficial owners of a legal entity helps law enforcement investigate and prosecute terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes.
This beneficial owner information must be provided, and certified as complete and correct, by the person applying for a new account on behalf of a legal entity. A “legal entity” includes a corporation, limited liability company, or other entity that is created by a filing of a public document with a Secretary of State or similar office, a general partnership, and any similar business entity formed in the United States.
You are required to provide the name, address, date of birth and social security number (or passport number or similar information, in the case of non-U.S. persons) for the following individuals. We may also require you to provide us with a copy of a driver’s license or other valid identifying document for each beneficial owner listed on this application.
(i) Each individual who owns, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, 25% or more of the equity interests of the legal entity listed on the application (e.g., each natural person that own 25% or more of the shares of a corporation); and
(ii) An individual with significant responsibility for managing the legal entity listed on the application (e.g. a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer).
The number of individuals that satisfy this definition of “beneficial owner” may vary. Under section (i) above, depending on the circumstances, up to four individuals (but as few as zero) may need to be identified. Regardless of the number of individuals identified under section (i), you must provide the identifying information of one individual under section (ii) above. It is possible that in some circumstances the same individual might be identified under both sections.