When starting the verification process, you must collect and submit the required verification information from your user. These requirements depend on:
- The country/region your users are operating in
- The legal entity of your user
- The financial products you are offering to your user
This page helps you determine what verification requirements apply to your users based on these factors.
Country/region of operation
Verification requirements vary based on the regulations in the country/region where your user is operating in. For example, in Belgium, a sole proprietorship is required to have a registration number, while this is not required in the United Kingdom.
See minimum required information for more details on the requirements for specific countries/regions and legal entities.
Legal entity type
Verification requirements vary based on your user's legal entity type. A legal entity can be a person or an entity that represents your user's business, such as a public company or a nonprofit organization.
The user that holds a contractual relationship with your platform is the main legal entity. You must collect information about the main legal entity, and about other entities that are associated with this user. For example, if your user is a private company, you must also collect information about the owners of the company. You must create individual legal entities for each owner and link them to the company, which is the main legal entity that is conducting business with your platform.
The following tabs show the legal entity types and describe the general requirements for the data that you need to collect from them.
Additional requirements for financial products
Verification requirements vary based on the additional financial products that you offer to your users. Processing payments and payouts are included by default. In some cases, additional financial products, such as business accounts, require more verification checks.
Each financial product includes specific capabilities that are available for your users. Different financial products might have overlapping capabilities. For some financial products, such as card issuing, capabilities might also have different levels.
The following tabs show the financial products and the general requirements for the data that you need to collect from them.