How can we help?

Updating and Validating Your Business Documentation

As required by our banking partners, and to help the Federal Government fight money laundering and terrorist funding in accordance with the USA Patriot Act, PEX must obtain, verify, and record information that identifies each business that opens and maintains an account with PEX, and the personal information (“Personally Identifiable Information”) of its owners and/or Agents.

As a result, when your organization first applies for a PEX Account, PEX will ask for information about the organization and about the business owner and/or Agent, such as:

  • Name
  • Address
  • Date of Birth
  • Social Security Number
  • and other information that will allow PEX to confirm identity

PEX may 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 vary, depending upon your organization's legal structure.

In addition, PEX is required periodically to review and update your business's information and documentation. PEX will ask the primary Administrator for the account to review the documentation provided when the account was opened.

If the documentation is current and accurate, then PEX will ask the Administrator to acknowledge that the Administrator has reviewed the documentation for accuracy and completeness.

If the documentation is out of date, then the Administrator should click the “upload” button located on the right of the table, and provide PEX with the most recent copy of the required document.

Validate_Business_Information_1.png

Required Business Documentation

Required documentation may include:

Taxpayer ID: TIN / EIN / FEIN

PEX will require a Federal ID number for your organization:

  • TIN (Tax Identification Number)
  • EIN (Employer Identification Number), or
  • FEIN (Federal Employer Identification Number)

These are 9-digit numbers issued by the Federal Government, 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. Some States may require you to pay a fee to receive a paper copy.

Formation Document

The formation document for your organization will vary, 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, Operating Agreement, 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

The owner or Agent of the company will need to submit a valid driver 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 PEX requests this. PEX will ask for a letter from the business owner, on company letterhead, which grants you authority to represent the business.

 

 

 

 

 

 

 

Was this article helpful?
0 out of 0 found this helpful