Fintech FAQs:

Why does the financial representative need to provide a full SSN and date of birth?


FinCEN regulations require any and all new financial account applications to include additional information about the people who own and operate the business.  These mandates are required by the U.S. Government. 

Businesses/Entities need to provide a Social Security number, date of birth and contact information for people who meet the following criteria:

  • Ownership: Anyone with 25 percent ownership or greater.
  • Officer: A single individual defined as possessing “significant responsibility to control, manage, or direct a legal entity customer, including an executive officer or senior manager or any other individual who regularly performs similar functions.”

An Officer is always required.  If no individual owns 25% or more of the business/entity the Officer can be the only Individual that is required to provide this information.