This article will outline the new Bank of Canada business entity verification requirements and how to update them on your Rafflebox Stripe Connect account in dashboard.
“Know Your Customer” (KYC) obligations for payments require Stripe to collect and maintain information on all Stripe account holders. These requirements come from the Canadian Government and the Bank of Canada and are intended to prevent abuse of the financial system.
In order to satisfy these new Anti-Money Laundering requirements the following information will need to be recorded on your Rafflebox Stripe Connect account before October 14th.
BUSINESS DETAILS
- Business Type = Non-Profit
- Company Name = This needs to match the legal business name found on your business registration. Verification documents may be requested for upload.
- Company Address = This should match the business address found on any verifying documents.
- Company Phone = Where the public would call to reach your organization
- Support Phone Number = Where the public would call to reach your organization
- URL = Your organizations website or Rafflebox raffle landing page
- Product Description = Charity raffle tickets issued on the Rafflebox platform
REPRESENTATIVE DETAILS
This is the personal information listed for the representative for your Stripe Connect account.
The representative for your Stripe Connect account should be a board member or someone with signing authority. If you are not the correct representative please make sure you gather all information below before updating the account. Inviting the correct member to the Rafflebox Dashboard to complete this update is also suggested.
- First Name
- Last Name
- Date of Birth - Day/Month/Year
- Address - This should match what is found on a piece of government ID. (Drivers Licence or Passport)
- Phone Number
- Email Address
- Job Title
Proof of Liveness - Requested if Stripe is unable to validate the provided personal details. Drivers Licence or other ID may need to be uploaded.
DIRECTOR DETAILS
All non-profit organizations are required to provide a list of the active board members. The following is required for each listed member.
- First Name
- Last Name
- Email Address
NOTE - Verification of the listed board members will be required. Various documents can be provided such as board meeting minutes, certified change of directors filing or a corporate identity report. Where typically an Entity report will outline the Legal Business Name, Address and registration number along with seated board member names this is the document we suggest for upload and review.
Update Directions
Step 1 - Log into the Rafflebox Dashboard, click on your name in the top right corner and select Account.
Step 2 - Click on Edit Details to open the Stripe Onboarding portal.
Step 3 - Update your Business Details by clicking Edit to the right of the Business Details heading.
Enter all missing business information and hit Save
- Business Phone
- Business Email
- Business Website or your last Rafflebox URL
- Product Description - Charity Raffle tickets issued on the Rafflebox platform
If Stripe is unable to verify your organization from the information provided you may need to upload proof of your business registration
Step 4 - Update your Business Public Details by clicking on Edit to the right of Public Details.
Enter all missing details and click Continue
Step 5 - Add all registered Directors by clicking on Add a direct to the right of Management and ownership. Each member will need to list their Name and Email.
The directors and the personal contact details listed will need to be present on any supporting documents to validate the members of your organization's board. A Corporate Entity Report typically lists the business registration information along with all seated members of your board.
After clicking Add you will be directed back to the overall account summary and will need to click on Add a Director again to list the next member of your board.
Step 6 - Update your personal details by clicking on Edit to the right of the listed contact name.
The account contact needs to be someone listed as a board member or someone who can provide supporting documents that they have authority to set up the account.
(A signed letter from a seated board member can be provided if needed)
If the identity of the contact cannot be verified Stripe will request a copy of verifying identification. A picture of the front and back of a driver license can be uploaded to verify.
Step 7 - Review and Submit
Stripe will review the provided information and update the account status. Check back in dashboard to confirm the account has gone complete.