Learn how Child Accounts are verified.
In This Section
As a Partner of borderless™, you may on-board Child Accounts to provide your clients with access to the borderless™ Services. borderless™ handles all global compliance requirements, including Know Your Customer ("KYC"), Anti-Terrorist Financing, and Anti-Money Laundering ("AML"). After account creation, each Child Account undergoes a strict KYC and Compliance process for Account Verification. To complete the Account Verification process, certain documents are required. These requirements may vary by account type and country. In the Account Verification section of the borderless™ Partner API, you will find:
- Definitions related to the Account Verification process
- Account Verification Requirements
- How the Account Verification process works
Definitions
| Term | Definition |
|---|---|
| Verification Documents | Verification Documents are documents that are required to verify the incorporation, ownership and structure of a business. Verification Documents may include, but are not limited to: Incorporation documents, EIN or TIN verification document, business proof of address, bank statement, ownership structure or shareholder document, and organization operating agreement. |
| Company Officer | A Company Officer is an individual with significant responsibility for managing or directing the entity, including an executive officer or senior manager (E.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, Treasurer) OR any other individual who regularly performs similar functions. |
| Ultimate Beneficial Owner | An Ultimate Beneficial Owner or "UBO" must be an individual (natural person) who has share ownership of the Company equal to 25% ownership or more (or 10% ownership or more for Politically Exposed Personnel "PEP"). If no one owns more than 25%, please list the top three UBOs. In the instance of a publicly traded business, UBO may be omitted and additional information will be requested via a Request for Information ("RFI"). |
| Authorized Signatory | An Authorized Signatory is an authorized representative that will have authority to act on behalf of the Child Account business. The Authorized Signatory is the individual authorized to create a borderless™ account on behalf of the business. An authorized representative must either be a Director of the company or an individual that has been appointed by a Director, or by Power of Attorney, to sign and execute transactions on behalf of the company. |
| Identification Document | An Identification Document is a government issued document that provides proof of identity. borderless™ accepts the following government issued ID types: Passport or National ID. A Social Security Number may also be required for individuals in the United States. |
| Request For Information "RFI" | A Request For Information also known as "RFI," is a request made by Compliance for additional information regarding an entity or individual. borderless™ handles all global compliance requirements and RFIs are often required to review and approve Child Accounts, Contacts, or Payments. |
Account Verification Requirements
To complete the Account Verification process, a profile for each Child Account must be created, reviewed, and approved by Compliance. Certain documents are required to complete this process. These requirements may vary by account type and country. In the table below you will find an overview of the basic requirements for each account type. Additional information may be requested in order to complete Account Verification. As a Partner of borderless™ you must provide all required information to complete Child Account Verification.
| Account Type | Account Verification Minimum Requirements |
|---|---|
| Personal Child Account | - Identification Document for individual creating the account - Proof of Residential Address |
| Business Child Account | Business Child Accounts require three components for Compliance Review and Account Verification: 1. Authorized Signatory Verification: - Identification Document for Authorized Signatory - Account Authorized Signatory Letter of Authority 2. Company Verification: - Incorporation Documents - EIN or TIN Verification (such as document or letter) - Business Proof of Address (such as a bank statement, lease agreement, a utility bill or a credit card bill valid within the last 60 days) - Ownership structure, shareholder agreement or operating agreement 3. Company Officer/UBO Verification: - Company Officer information (such as full name, residential address, date of birth and percentage of ownership) - Identification Document for all Company Officers and Ultimate Beneficial Owners |
Account Verification Process
Follow this process to complete a Child Account profile and request for Account Verification. Each Child Account goes through a strict KYC and Compliance process. As a Partner of borderless™ you must provide all required information to complete Child Account Verification.
Step 1: Create Child Account
Prior to submitting Account Verification documents, a borderless Child Account must be created. To learn more about Child Account creation, please visit the Child Account Creation page.
Step 2: Complete Child Account Profile
Collect all required Account Verification information for the appropriate country and account type. Please see the table above to confirm basic required information. Once you have collected all required information, use the following endpoints to submit the information in order to complete the Child Account Profile. After a Child Account Profile is completed, the Profile is submitted to Compliance for review and Account Verification.
- Use the Upload Personal ID endpoint to upload required Account Signatory Identification Documents
- Use the Upload Documents for Verification. endpoint to upload Company verification documents (including but not limited to: Incorporation Documents, EIN/TIN Verification, Proof of Address, Ownership Structure/Shareholder Agreement/Operating Agreement).
- Use the Submit Information about Company Officers. endpoint to upload information about all Company Officer/UBOs (including but not limited to: full name, residential address, date of birth, percentage ownership).
- Use the Upload Documents for Company Officers. endpoint to submit an Identification Document for all Company Officers and UBOs
Step 3: Compliance Review
After all Account Verification information has been submitted, a Child Account Profile will have been created and borderless™ will conduct a thorough review of the Account. The Account Status will change to PENDING. To learn more about Account Statuses, please visit the Child Account Creation page.
Compliance Review Period
The Compliance Review Process generally takes between 5 to 10 business days.
IMPORTANT
Additional information and documents may be requested by Compliance in order to complete Compliance Review and Approve a Child Account. These requirements may vary by Child Account type, business model, location, risk category, and other factors. An Account will not be approved until all RFI requests have been completed.
Step 4: Account Verified
Once a Child Account, is approved by Compliance, the Account Status is updated and the Child Account is referred to the borderless™ Operations for account setup. At the completion of account setup, you will be provided with the Child Account's API key to start processing payments.