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Old 04-30-2019
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Default PayPal Ask beneficial owner information

Hi guys

I received an email from paypal.

Congratulations on the growth of your business! Because your card sales have increased, we need to collect some information about your beneficial owners as required by US regulations that apply to the banks we partner with to process your card payments. A beneficial owner is each person who, directly or indirectly, holds 25% or more equity ownership of your business, or a person who has a controlling influence in your business.

Please provide this information by June 25, 2019. If we donít receive it by then, we'll need to limit your account, and you wonít be able to receive payments
.

Do you know what information paypal needs ?

Thanks in advance
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Old 04-30-2019
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Default Re: PayPal Ask beneficial owner information

search this forum or paypal forum to see if someone has already asked this question
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Old 04-30-2019
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Default Re: PayPal Ask beneficial owner information

It is asking for the owners of the LLC or Corportaion. We have received this on all of our EIN accounts back in January. So far, we have not done anything.

They basically need the articles of corporation or equivalent.
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Old 04-30-2019
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Default Re: PayPal Ask beneficial owner information

Quote:
Originally Posted by yankee View Post
It is asking for the owners of the LLC or Corportaion. We have received this on all of our EIN accounts back in January. So far, we have not done anything.

They basically need the articles of corporation or equivalent.
This is my EIN account. I am afraid they ask owner SSN...
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Old 04-30-2019
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Default Re: PayPal Ask beneficial owner information

Quote:
Originally Posted by JamesLee View Post
This is my EIN account. I am afraid they ask owner SSN...
They told you what you needed and I explained in more detail. If you dont know what your articles of incorporation is, then ask whoever made your LLC/CORP/TRUST/LLP/ETC...
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Default Re: PayPal Ask beneficial owner information

I got the same request from paypal and was pissed off, so I called Paypal immediately, asking what law is this request based on, and was told it sources from "PATRIOT Actď. I asked them it has been so many years since pass of the act and why it comes this new requirement, the paypal agent then answered that submitting beneficial owners' information this is not mandatory for now, we are good but it might change in the future, bla bla bla.
Anyway, I will give not **** to them and suggest anyone receive the same information ignore it!


Quote:
Originally Posted by JamesLee View Post
Hi guys

I received an email from paypal.

Congratulations on the growth of your business! Because your card sales have increased, we need to collect some information about your beneficial owners as required by US regulations that apply to the banks we partner with to process your card payments. A beneficial owner is each person who, directly or indirectly, holds 25% or more equity ownership of your business, or a person who has a controlling influence in your business.

Please provide this information by June 25, 2019. If we donít receive it by then, we'll need to limit your account, and you wonít be able to receive payments
.

Do you know what information paypal needs ?

Thanks in advance
Reply With Quote
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