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Updating and Validating Your Business Documentation

To help the government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act, a Federal law, requires all financial institutions to obtain, verify, and record information that identifies each business that opens an account and the personal information of its owners and/or Agents.

When applying for a PEX Account, PEX will ask for information about the Customer and about the business owner and/or Agent, such as: name, address, date of birth, Social Security Number, and other information (the “Personally Identifiable Information”) that will allow PEX to confirm identity. PEX may also ask for details about the business owner's or the Agent’s driver's license number or other identifying information.

PEX will also ask for documentation for your organization. The documents required will differ based on your organization's legal structure.

PEX is required to periodically review and update your business's information and documentation. The primary Administrator for the account will be asked to review the documentation provided when the account was opened.

If the documentation is current, the Administrator will be asked to acknowledge that they have reviewed the documentation for accuracy. If the documentation is outdated, the Administrator should click the upload button located on the right of the table and provide the most recent copy of the requested document.

TIN  / EIN 

Your TIN (Tax Identification Number), EIN (Employer Identification Number) or FEIN (Federal Employer Identification Number) is a government-assigned identification number for your organization. It is a 9-digit number, typically shown in the format 12-3456789.

Beneficial Ownership

Your organization may be required to provide information for each individual or entity, if any, who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, owns 25% or more of the equity interests (or shares) of the legal entity.  You must provide certification of ownership by downloading and completing the following certification document.

Certificate of Good Standing

A certificate of good standing can be obtained from the Secretary of State for the state in which your organization is registered. Many states will allow you to obtain a certificate of good standing online. Selected states may require you to pay a fee to receive a paper copy.

Formation Document

The formation document for your organization will differ based on the type of organization.

Corporation: Articles of Incorporation, Certificate of Incorporation, or Certificate of Registration

Partnership: Statement of Partnership existence or Certificate of Registration

Limited Liability Company: Articles of Organization, Certificate of Formation, or Certificate of Registration

Limited Partnership: Statement of Qualification, Foreign Statement of Qualification (for LLLP), Certificate of Limited Partnership (for LP), or Certificate of Registration

Sole Proprietorship: Business Certificate (trade certificate), Occupational License, or Business License

Nonprofit Corporation: IRS Determination Letter 501(c)(3) or Letter of tax exemption

Political Campaign: Form 410 or Form FEC (Federal Election Commission)

Government Issued Id

For the owner or agent of the company, you will need to submit a valid drivers license, passport or other government issued identification.

Proof of Address

Proof of Address can be supplied by uploading a utility bill, bank statement, lease agreement, or mortgage document dated within the last 90 days.

DBA Form (optional)

If your organization is doing business under another name, you will need to submit an assumed name or fictitious name certificate.

Representative Association (optional)

Upload only if requested by PEX. A letter from the owner on company letterhead granting you authority to represent the business.

 

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