The card services manager that we work with, Stripe, is introducing new regulatory requirements to prevent abuse of the financial system. To comply with these regulations, all Forma customers must complete a business verification process.
Forma customers must complete this verification process by May 31, 2023, or all employees' Forma Cards will be deactivated. (Only Forma Cards associated with Lifestyle Spending Accounts will be deactivated, pre-tax benefits won't be affected.)
This verification process (called “Know Your Business” or “KYB”) is a legal obligation for organizations like Stripe, and requires that they verify the identity of the businesses they work with.
Learn more about Stripe's privacy commitment and Data Processing Agreement.
Key takeaways:
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Forma customers need to complete a verification process of their business via Stripe, Forma's card services manager
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This verification is a regulatory requirement
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It must be completed by May 31, 2023, or employees' Forma Cards will be deactivated
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The verification process must be done by someone with significant or managerial control, and will act as a representative of their business
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Throughout this process, you can reach out to our Head of Customer Success at katie@joinforma.com for help and guidance
Who should complete the business verification?
The person who completes the verification process will act as their company's representative, so they should hold significant or managerial control in the business. They'll need to enter their personal information to verify their identity, including their Social Security number.
What do I need to do to verify my business?
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Submit details about your business.
This includes the legal business name, Employer Identification Number (EIN), and registered business address. -
Enter the personal info of your business representative.
This needs to be someone who has significant or managerial control in the business. They'll also need to verify their identity with their Social Security number. -
Upload documentation for all business owners.
You'll need to enter the names of anyone who owns 25% or more of the company, and you may need to verify their identity with a government-issued ID.
You'll do this entire process through Stripe — not through Forma. Log in to Forma Admin and you'll see a banner at the top of the screen with a link to start the process on Stripe.
If you or someone from your company can't access Forma Admin, reach out to katie@joinforma.com with your employee email address, name, and job title. We'll add them as a user and send them login credentials within 24 hours.
What's staying the same?
There will be no visible impact on your employees, and they can continue using their existing card without reissue. You won't be asked to provide any employee information, except for the person acting as your business representative.