KYC Requirements for Businesses

As a business applicant, we are required to verify the identity of certain individuals who own or control the business entity to meet Know Your Customer (KYC) regulations. The number of individuals who must complete KYC varies based on the entity type and ownership structure of your business.

You can email them directly from within the application to complete their verifications.

Please review the requirements for your entity type in the table below.

Individuals Who Must Complete KYC

Additional Considerations

Definitions

Required Individuals

The following individuals are required to complete KYC for each entity type.

A "Director or Controller" can be any director, manager, general partner, president, chief executive officer or such other person who is in an equivalent senior management position.

Entity Type	KYC Requirements
Corporations	Any individual* beneficial owner who owns 10% or more of the company At least one Director or Controller (E.g. CEO, board member). The individual authorized to make investment decisions on behalf of the company (i.e. the Rails Pro primary user).
Partnerships	Any individual* beneficial owner who owns 10% or more of the partnership. The primary controlling General Partner. The individual authorized to make investment decisions on behalf of the company (i.e. the Rails Pro primary user).
Non-Incorporated Entities	Any individual* beneficial owner who owns 10% or more of the company. At least one Director or Controller (e.g. President, Partner). The individual authorized to make investment decisions on behalf of the company (i.e. the Rails Pro primary user).
Trusts	All settlors or contributors of capital All trustees All beneficiaries with vested rights All protectors All enforcers The individual authorized to make investment decisions on behalf of the company (i.e. the Rails Pro primary user).

*If no individual person owns 10% or more, one director or controller who has primary control of the parent company (e.g. CEO) must be verified.

Additional Considerations

The following scenarios have additional requirements for KYC:

• Parent Companies: If no individual person owns 10% or more, one Director or Officer with primary control in the parent company must complete KYC.

• Power of Attorney: If the primary user isn’t legally authorized to open the account (i.e. not a beneficial owner, director, or controller), they must provide certified or notarized Power of Attorney documentation.

• Difficult to Verify Entities: If we're not able to independently verify your business, a second Director, Controller, or Officer may need to complete KYC.

Definitions

Beneficial Owner: An individual who directly or indirectly own or control 10% or more of the business.

Director: An individual appointed to oversee and manage the affairs of a company, ensuring compliance with regulatory, legal, and corporate governance obligations.

Controller: An individual who has significant influence over the management, operations, or financial decisions of a company.