Benefical owner verification


Are beneficial owner and Controller in verified business customer flow same?

Hi @phanimyk627

A controller is any natural individual who holds significant responsibilities to control, manage, or direct a company or other corporate entity (i.e. CEO, CFO, General Partner, President, etc). A company may have more than one controller, but only one controller’s information must be collected. The Controller will need to provide information to be fully identity verified. This includes their last four SSN and date of birth for identity verification purposes.

A beneficial owner is any natural person who, directly or indirectly, owns 25% or more of the equity interests of the company.

I attached some additional docs on this for more info, but don’t hesitate to reach out for any additional questions or clarification

Hi there, I would like to follow up with a related question. If a Controller owns >25% of the business, do they also need to be added as a Beneficial Owner? Or is their inclusion as the Controller enough?

Hi @devin13cox , Great question. Unfortunately, Yes, even if the controller and the Beneficial Owner are the same person the info will need to be in both sections.

1 Like