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Registration Requirements

Know-Your-Customer, often referred to as KYC / AML, is a global initiative requiring business in various sectors to identify their customers to determine associated risks and to combat fraud and illegal activities as mandated by various government agencies. You've often encountered these measures when opening a bank account, online brokerage account and other services dealing with the transfer of funds. Philantro is also required by law to adhere to the same standards as the Organization and Legal Representative's identity must be verified to engage in the transfer of funds online.

Verification Basics

Identity Verification is a requirement for all organizations and legal representatives.

Registration for Philantro includes two steps. First, the person representing the organization registering themselves and second, the registered person registering the organization. To comply with applicable Know-Your-Customer (KYC) regulations, the person creating the account and/or legal representative and the organization itself must be verified by its respective regulatory agency. In the rare event verification fails, more information may be required to ensure a successful registration.

Per usual, all information is relayed over 256-Bit SSL per contemporary security standards.

Registration IDThe identification number associated with your organization's government registration. For example, the Charity Registration number for those registered in the United Kingdom, Employer Identification Number in the United States etc.
OrganizationWhen an organization is registered, various data points are required to ensure the integrity of the organization and it's current registration status per its respective country's regulatory agency. All organizations must be registered to conduct business within their verifiable jurisdiction. Tax-Exemption status is preferred but not required if your organization is in the process of obtaining the certification.
Legal RepresentativeLegal Representatives are persons who are granted authority to engage in legal contracts on behalf of the organization. The verification of at-least one legal representative is required for an organization to register for Philantro®.
OwnershipThe verification of all persons with 25% or more ownership in the organization is required.
Operating AddressYour operating address must match your registered address within your jurisdiction. PO Boxes and other re-routing post station addresses are not permitted. Your operating address and public mailing address can differ.
Account UsersIdentity verification is not required for users. User accounts are persons who have been granted permission to access a given organization's Philantro account. For example, an organization providing their accountant with access to their dashboard.
Bank AccountAccount privileges are divided into two stages, Transactions and Payouts. If your organization is fully verified, the ability to accept transactions are granted. If your organization is verified and a bank account is on record, the ability to have funds paid out are granted.
WebsiteA publicly accessible website is required.
Phone NumberA publicly accessible phone number is required.
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