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Account Verification Process

What documents do I need to submit for verification?

Updated this week

Executive identification information

To ensure the executive information is authentic and accurate, we need to verify the business ownership. We require verification for the controllers and owners of the company.

A controller is a natural person who holds significant responsibilities to control, manage or direct a company or other corporate entity (i.e. CEO, CFO, General Partner, President, etc). A company may have more than one controller, but only one controller’s information must be collected.

A beneficial owner is a natural person who, directly or indirectly, owns 25% or more of a company. A beneficial owner cannot be another company (or other corporate entity), nor a nominee owner.No information needs to be collected if there are no natural persons who own at least 25% of the company.

Executive documents accepted:

  • Driver’s license (US only)

  • Passport

  • State ID (US only)

Quality guidelines:

  • Allowed file types: PNG or JPG

  • Must be a color copy

  • Must be a photo (we don’t accept scanned images)

  • Must have a valid date

  • Must be legible

  • Must show all 4 corners of the document

Business information

We must verify the business owner to ensure the business information is authentic and accurate. We require verification of the company’s current business nature.

Business documents accepted:

  • EIN Letter (IRS-issued SS4 confirmation letter)

  • Filed and stamped Articles of Organization or Incorporation

  • Sales/Use Tax License

  • Business License

  • Certificate of Good Standing

Quality guidelines:

  • Allowed file types: PDF, PNG, or JPG

  • Must be a color copy

  • Must be a photo (we don’t accept scanned images)

  • Must have a valid date, if applicable

  • Must be legible

  • Must show all 4 corners of the document

All data collected will only be used during the verification process to maintain regulatory compliance.

How are Public Traded Companies verified?

Public traded companies are exempt from providing the beneficiary owners and can move forward without that information.

In this case, we require verification for the controller from their entity directly (not a parent one).

A controller is a natural person who holds significant responsibilities to control, manage or direct a company or other corporate entity (i.e. CEO, CFO, General Partner, President, etc). A company may have more than one controller, but only one controller’s information must be collected.

Bank Account Verification

For information about bank account verification, please see this article.

Questions?

Please don't hesitate to contact us at support@plane.com or use Plane's in-app chat.

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