In partnership with our regulated financial institution partners, we are required to identify our customers, to ensure compliance with applicable laws, and to keep our platform safe for customer use. We need to verify your identity to ensure we remain in compliance with Anti-Money Laundering requirements.
All of the information we collect is encrypted and securely stored.
We are required to collect the following information from institutions to set up their account:
An individual associated with the institution
- Legal full name
- Date of birth
- Residential address
- Tax ID
- For US residents we require your social security number
- For non-US residents, we require a government-issued tax identifier
We then require the individual to submit a government-issued identity document that includes your provided address (e.g. driver’s license). Please note that we are not able to accept expired documents, and we are not able to accept emailed copies of ID for verification purposes.
Information about the institution
- Business name
- Business description
- Business address
- Business phone
- Tax ID
We then require the institution to submit their Articles of Incorporation and an IRS letter proving your EIN. Please note that we are not able to accept expired documents, and we are not able to accept emailed copies of documents for verification purposes.
Once this information has been submitted, it will be reviewed by our team, who may request further information.
The review process could take up to 2 business days. Once it is complete, you will be able to purchase or redeem USDS.