Certifying Beneficial Owners

Hi,

I wanted to know in what cases should we certify the beneficial owner?

  • Even if the beneficial owner is not present in the case of the business verified customer other than Sole Proprietorship?
  • If the status of the customer is in document pending and the user uploads the documents, should we need to certify the beneficial owner again?
  • If the status of the customer is in retry state and the user re-enters the information, should we need to certify the beneficial owner here as well?

Thanks & Regards,
Sulove

Hi @bistasulove, I would recommend using the certify-beneficial-owner link that can be returned on a Customer to determine if they need to complete the certification process. More information can be found here.

So you suggest to call the certify-beneficial-owner API everytime the status changes?

Not necessarily, we recommend certifying beneficial owner at the end of the onboarding flow. This ensures that your customer will not need to certify multiple times. Certifying beneficial ownership ensures that the information on the account is complete and accurate. If information on the Customer account is edited then they will be required to certify any edits that occur to their information. Since there are many scenarios where the user could be required to certify after submitting information, I would recommend utilizing the link rel mentioned in my previous reply to determine the action your application should take. This link should give your app an indication of whether or not you need to call the certify-beneficial-owner API.