Why Does Finix require SSN?
Finix abides by the USA Patriot Act and FinCen laws for CDD (customer due diligence) and CIP (Customer Identification Program) which state minimum standards for financial institutions and their customers regarding the identity of a customer that shall apply with the opening of an account at the financial institution. Therefore this is required and Finix does not support alternative methods of information gathering of minimum standard data per these policies.
Finix will not comment on other payment providers' policies for information gathering.
Does Finix accept photo ID in lieu of SSN?
No
When don't you need to provide a SSN?
A control person/beneficial owner does not need to provide an SSN if they meet one of these two criteria:
- They are a publicly traded company
- They are a government entity
Why do you need my photo ID?
If there are issues at the time of underwriting your account, Finix may request your government-issued ID. This is due to the information provided at the time of your application for production. We utilize this ID to clear any failed identity flags to ensure an accurate underwriting decision is reached.
KYC Best Practices
Make sure to put the control owner/business owners enter their personal information. If you provide the company's phone number and address as your own this could fail your identity check.
Residence and cell number are recommended.