Hello,
I’m having some trouble understanding the table here: https://developers.dwolla.com/guides/business-verified-customer#business-verified-customer-quick-guide
The last column is titled ‘Are they required to add certify beneficial ownership?’, how is it different from the third column ‘Are they required to add beneficial owners?’ ?
Thanks!
Hi @r.schmitt ! The two columns are defined as the following.
Beneficial owner - Any natural person who, directly or indirectly, owns 25% or more of the equity interests of the company.
Beneficial ownership certification - An action taken by the Account Admin to confirm that the information provided is correct.
So in a publicly traded company for example, the Account Admin (or person creating the business verified customer on behalf of the business), will just need to confirm that the information they are providing is correct.
Who has ownership of equity does not need to be disclosed, even if they do own 25% or more of the company.
The individual signing up for the account is really just certifying that the information is complete and accurate.
Another example could be kind of like a checkbox saying, yep, I truly am a Non-profit and the info I submitted is complete and accurate.
An analogy could be:
“As a global entry traveler, I am exempt from having to wait in long TSA lines. However, I must still certify that I am able to travel with a valid passport.”
Great, thanks!
Hey @kmoreira ,
I’m trying to wrap my head around the various user types in existing docs/articles for business verification (Auth reps, controllers, beneficial owners, account admins) and might just be temporarily too disoriented to move forward with my form(s) creation.
I’m a bit confused by the question above which points out the existence of two tables (adding beneficial owners vs certifying beneficial owners).
What exactly would (non-profit) account admins be certifying in the case that they have beneficial owners but are not providing info for them? Are you saying admins must either certify that there are no beneficial owners else certify that there are beneficial owners but they choose not to list them?
Also I would like to recommend you guys create mock forms for the simplest/most-direct paths users can take for the various business types (unless these exist?
). At this point, a user would have to fill-out
This amount of onboarding seems very scary (entertainment booking app for restaurants/cafes/venues), are there any tips related to this concern? Do most people include short cuts like “Are you (account admin) also a business controller / beneficial owner?” or choose to deal with initially unverified customers?
Hi @Ben_Hawkins – I understand, onboarding of Business Verified Customers is our most involved onboarding flow due to the United States Federal customer due diligence rule and Dwolla’s requirements that we must fulfill.
According to this table (for reference) non-profits are exempt from having to enter beneficial owners’ information. So they can go straight to certifying (via a checkbox) that all of the information they have entered is correct to their knowledge. Here’s an example text:
“I,____ (name of Account Admin), hereby certify, to the best of my knowledge,
that the information provided above is complete and correct.”
The 4 bullets above are correct - that’s all the information needed to be collected for creation of a Business Verified Customer.
That being said, we do have pre-built UI forms for creating business verified customers which you could plug in to your app. They’re called Drop-in components. Here’s our step by step on implementing the Business VCR flow - Building With Drop-in Components | Dwolla API Documentation. I’d checking it out and seeing if it fits your application. You could save valuable time spent writing the forms and handling the various verification statuses. You can also check out some examples of the forms and flows here - GitHub - Dwolla/drop-ins-examples: Example Express app for Dwolla Drop-in Components
Hope that helps!