As required by our banking partners, and to help the US Federal Government fight money laundering and terrorist funding in accordance with the USA Patriot Act, PEX must obtain, verify, and record information that identifies each business that opens and maintains an account with PEX, and the personal information (“Personally Identifiable Information”) of it’s Control Person and Beneficial Owner(s). This process is often referred to as KYC or “Know Your Customer”.
In addition, PEX is required to periodically review and update your business’s information and documentation.
A Control Person is one individual with significant responsibility for managing the legal entity, such as a: Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, Treasurer or individual who regularly performs similar functions.
A Beneficial Owner is a person, who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, owns 25% or more of the equity interests (or shares) of the legal entity.
The information we collect about the Control Person and the Beneficial Owner(s) includes:
- Name
- Address
- Date of Birth
Note:Control Person and Beneficial Owners must be at least 18 years old
- Social Security Number (passport is required for persons without a SSN)
- Government-issued ID (valid picture ID such as passport or state-issued driver’s license)
PEX will also ask for documentation about the business entity. The documents required will vary depending upon your organization’s legal structure.
Required Business Documentation
Required documentation may include:
Taxpayer ID: TIN/ EIN/ FEIN (may be required)
PEX will require a Federal ID number for your organization:
- TIN (Tax Identification Number)
- EIN (Employer Identification Number), or
- FEIN (Federal Employer Identification Number)
These are 9-digit numbers issued by the Federal Government, typically shown in the format “12-3456789.”
Proof of Address (required)
Proof of Address can be supplied by uploading a utility bill, bank statement, lease agreement, or mortgage document dated within the last 90 days.
Certificate of Good Standing (may be required)
A certificate of good standing can be obtained from the Secretary of State for the State in which your organization is registered. Many States will allow you to obtain a Certificate of Good Standing online. Some States may require you to pay a fee to receive a paper copy.
Formation Document (may be required)
The formation document for your organization will vary, based on the type of organization:
- Corporation: Articles of Incorporation, Certificate of Incorporation, or Certificate of Registration
- Partnership: Statement of Partnership existence or Certificate of Registration
- Limited Liability Company: Articles of Organization, Certificate of Formation, Operating Agreement, or Certificate of Registration
- Limited Partnership: Statement of Qualification, Foreign Statement of Qualification (for LLLP), Certificate of Limited Partnership (for LP), or Certificate of Registration
- Nonprofit Corporation: Articles of Organization, Certificate of Formation, Operating Agreement, or Certificate of Registration
- Sole Proprietorship: Business Certificate (trade certificate) or Business License
- Political Campaign: Statement of Organization or Form FEC (Federal Election Commission)
DBA Form (required if the organization is conducting business under a fictitious name/DBA)
If your organization is doing business under another name, you will need to submit an assumed name or fictitious name certificate.
501(c)(3) Determination Letter (required for nonprofit pricing)
If your organization is registered with the IRS as a tax exempt nonprofit, PEX may ask you to supply your determination letter.
Representative Association (may be required)
Upload only if PEX requests this. PEX will ask for a letter from the business owner, on company letterhead or pay stubs as an acceptable form of rep association which grants you authority to represent the business.
How to Update Your Business Documentation
- Go to the Business Settings tab on your dashboard, click on the Documents tab.
- Upload or drag and drop required documentation.
