---
title: "Business Verification Requirements and Customer Due Diligence Explained"
slug: "business-verification-due-diligence-explained"
description: "Built ensures due diligence to protect customers from fraud and money laundering, collecting and verifying essential identification information."
updated: 2026-01-22T14:53:54Z
published: 2026-01-22T14:53:54Z
canonical: "help.getbuilt.com/business-verification-due-diligence-explained"
---

> ## Documentation Index
> Fetch the complete documentation index at: https://help.getbuilt.com/llms.txt
> Use this file to discover all available pages before exploring further.

# 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)](https://www.middesk.com/blog/know-your-customer-rule) and [Know Your Business (KYB)](https://www.middesk.com/blog/know-your-business-kyb-identity-verification-explained) 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”).

## Table of Contents

- [Customer Information Collection](/construction/docs/business-verification-due-diligence-explained#customer-information-collection)
  - [Sending Payments (Payors)](/construction/docs/business-verification-due-diligence-explained#sending-payments-payors)
  - [Receiving Payments (Payees)](/construction/docs/business-verification-due-diligence-explained#receiving-payments-payees)
- [Customer Information Verification](/construction/docs/business-verification-due-diligence-explained#customer-information-verification)
  - [Legal Entity Verification](/construction/docs/business-verification-due-diligence-explained#legal-entity-verification)
  - [Individual Verification](/construction/docs/business-verification-due-diligence-explained#individual-verification)
  - [Inability to Verify](/construction/docs/business-verification-due-diligence-explained#inability-to-verify)
- [Supplemental Links](/construction/docs/business-verification-due-diligence-explained#supplemental-links)

## 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.

| **Inf****o**rmation 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 |  |
| - Phone number |  |
| - Email address |  |
| - Job title |  |
| - Government-Issued Photo Identification | - Front and back images required. - For US persons, acceptable documents include: Passport, Passport Card, State-Issued Driver’s License, State-Issued ID Card, Permanent Resident Card, Work Permit, or Military ID. - For non-US persons, a passport is required. |
| - Selfie/Liveness Verification | Must match the presented Government ID |
| 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 (required for non-US persons) - 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.

## Supplemental Links

- [FDIC Laws, Regulations, and Related Acts](https://www.fdic.gov/laws-and-regulations/fdic-law-regulations-related-acts#fdic8000mfa5312)
- [FINCEN Customer Due Diligence (CDD) Final Rule](https://www.fincen.gov/resources/statutes-and-regulations/cdd-final-rule)
- [FINRA Rule 2090: Know Your Customer](https://www.finra.org/rules-guidance/rulebooks/finra-rules/2090)
- [USA PATRIOT ACT Section 326: Verification of Identification](https://www.fincen.gov/resources/statutes-regulations/usa-patriot-act)