Business Verification Requirements and Customer Due Diligence Explained

Built is federally and contractually obligated to perform due diligence on any company sending and/or receiving money via Built. The due diligence process is primarily intended to protect the interests of our Customers and our business, specifically to:

Prevent the risk of fraud and other criminal enterprise
Reduce exposure to money laundering activity (whether proceeds of crime or terrorist
financing)
Meet obligations with external partners
Avoid entering into business relationships with disreputable entities
Reduce the likelihood of financial loss to Built and/or its Customers

In following U.S. federal and regulatory guidelines for Know Your Customer (KYC) and Know Your Business (KYB) processes, Built collects, verifies and retains certain minimum identification information from each Customer who wishes to utilize its services, and compares the information with sanction and anti-terrorism lists provided by the Office of Foreign Assets Control (“OFAC”).

Customer Information Collection

Minimum identifying information must be collected, verified, screened, and recorded for each Built Customer, as laid out below.

Sending Payments (Payors)

The following information is required to set up a customer to initiate payments on the platform.

Information Item	Notes
Legal entity name
DBA name (if applicable)
Business type
Physical address	Must be the actual property address where employees operate; a legal registered address can be provided for mailing or corporate office(s) where applicable.
Employer Identification Number ("EIN")
Web address (optional)
Authorized User (Business Representative) Information
First & last legal name
Physical address	Must be the residential address of the authorized user, NOT the business address
Date of birth
Taxpayer Identification Number (“TIN”)	For US persons, a Social Security Number (“SSN”); or For non-US persons, an Individual Taxpayer Identification Number (“ITIN”) or their foreign passport number and country of issuance or similar identification.
Phone number
Email address
Job title
Beneficial Owner Information (25% or more ultimate beneficial owners)
First & last name
Country and state of residence
Phone number
Email address
Ownership percentage

Receiving Payments (Payees)

The following information is required to set up a customer to receive payments on the platform.

Information Item	Notes
Legal entity name
DBA name (if applicable)
Business type
Physical address	Must be the actual property address where employees operate; a legal registered address can be provided for mailing or corporate office(s) where applicable.
Employer Identification Number ("EIN")
Web address (optional)
Authorized User (Business Representative) Information
First & last legal name
Job Title
Mobile Phone Number	Users must successfully verify a one-time password sent to this number
Email address

Customer Information Verification

Built may need to utilize documentary verification methods prior to each Customer’s ability to utilize Built’s services. Acceptable identity documents for each entity type are the following.

Legal Entity Verification

Acceptable Business Formation Documentation
Entity Type	Acceptable Documents
Any	An IRS form or tax document containing the business’ Employer Identification Number (EIN), including any including any of: Form 1120 (U.S. Corporation Income Tax Return) Forms 941 or 944 (Employer’s Quarterly or Annual Federal Tax Return) Form W-2 (Wage and Tax Statement) Form W-9 (Request for Taxpayer Identification Number and Certification) Form 1099 Series (e.g., 1099-NEC, 1099-MISC, 1099-INT, etc.) CP 575 EIN Confirmation Letter Fictitious Business Name (DBA) Registration We may also require documentation confirming your company’s physical address: Must be the actual property address from which the business operates (i.e. not a mailing address or corporate office). Documentation can be an official government document (e.g. business license, articles of incorporation), a tax form, a financial document (e.g. bank statement, lease agreement or property deed), or a utility bill.
Sole Proprietor	Any one of the above, plus any one of the following: Business license or permit (e.g. Contractor's license) Sales Tax Permit or Reseller Certificate Business Bank Account Documentation
Corporations	Any one of the following: Certificate or Articles of Incorporation filed with the Secretary of State If Corporation does not have a copy of the Certificate or Articles of Incorporation, they must provide a Business License (if available) or Tax Registration Letter from the IRS. Certificate of Good Standing or confirmation via appropriate Secretary of State Website.
Limited Liability Corporations (“LLC”)	All of the following: Articles of Organization (Form LLC-1) The LLC-1 must indicate whether the company is managed by the member(s), by one individual manager or by more than one manager. If a company does not have a copy of the Articles of Organization, they must provide a Business License (if available) or Tax Registration Letter from the IRS. Certificate of Good Standing or confirmation via appropriate Secretary of State Website.
General Partnership	General Partnership Agreement, which identifies the general partners and their authority. If General Partnership does not have a copy of the General Partnership Agreement, they must provide a Business License (if available) or Tax Registration Letter from the IRS.
Limited Partnership	Partnership agreement. If Partnership does not have a copy of the Partnership Agreement, they must provide a Business License (if available) or Tax Registration Letter from the IRS.
Limited Liability Partnership (“LLP”)	Certificate of Limited Liability Partnership or Certificate of Registration.
Joint Venture	Joint venture agreement or certification by joint ventures.
Charities	One of the following: 501(c)(3) Letter Annual report, financial statements, or IRS form 990

Individual Verification

Acceptable Identity Documents for Individuals
A government-issued, non-expired photo identification from a jurisdiction permitted by Built, including any of:	Passport Passport Card State-Issued Driver’s License State-Issued ID Card Permanent Resident Card Work Permit Military ID
An IRS form or tax document containing your Social Security Number (SSN), including any of:	Form W-2 (Wage and Tax Statement) Form 1099 Series (e.g., 1099-NEC, 1099-MISC, 1099-INT, etc.) Sole proprietors only: Form W-9 (Request for Taxpayer Identification Number and Certification)

Inability to Verify

Should Built be unable to verify the identity of a potential Customer, it will not approve the Customer for payments functionality.