To adapt to changes in financial regulations, Stripe has made important updates to Connect that affect the information collection requirements. Many of these requirements relate to gathering information to verify companies and individuals. Stripe already manages this information collection for Standard accounts. Stripe will start collecting updated requirements from new businesses when they sign up for your platform. If you have existing users that are affected by these changes, Stripe will contact them to collect updated information. You don’t need to take action.
Updated requirement: beneficial owners
Information about the beneficial owners of a business is required for accounts in Australia, Europe, New Zealand, and the United States.
- Owner: Any individual who owns a significant percentage of the company (often 25% or more).
- Executive (sometimes referred to as a controller): Any individual who exercises significant control over your company. Individuals considered to exercise significant control over the company are those responsible for managing and directing the business and may include executive officers or senior managers such as CEO, CFO, COO, Managing Member, General Partner, President, Vice President, or Treasurer.
- Representative: The individual responsible for creating and maintaining the account. This is typically the end user who is interacting with your platform on behalf of the business.
For detailed information about the required information that Stripe collects from your Standard accounts, see Required Verification Information.
Impact to your connected accounts
Stripe has updated the Dashboard to collect the required information for your new connected accounts.
Existing accounts that need to update their information will be contacted by Stripe later this year. They’ll receive emails and Stripe Dashboard notifications that will guide them through the information collection process.
If you have any customer-facing documentation that references onboarding onto Stripe, you might want to update it to reflect the updated information requirements.
To provide a better user experience, it’s a best practice to identify accounts that can’t process payments. An account can be unable to process payments because of verification issues or missing information. Stripe works to resolve these cases directly with your customers, but you should also monitor your connected accounts and tell customers who can’t process payments to log into their Stripe account to resolve the issue. To determine whether or not an account can process payments, check the
charges_enabled attribute on the Account object.