FAQs on additional KYC information required

Jo Sidhu
Jo Sidhu

At Legl we enable firms to take payments online from clients quickly and securely – both through CrowdJustice and Pay by Legl. Our FCA-regulated payment processor, Stripe, has updated its Know Your Customer (KYC) requirements which means we need firms to provide additional KYC information in order to continue to receive payments.

1. Our firm has been using CrowdJustice for years, why do we need to provide further information now?
We partner with Stripe, an FCA-regulated payment processor. Due to compliance updates by financial service regulators, card networks and other financial institutions, Stripe has updated what it requires by way of Know Your Customer (KYC) information.

2. How do you store the information requested? 

Legl does not store the additional KYC information that you provide, this is uploaded directly to Stripe. Stripe uses best-in-class security tools, is certified to a PCI Service Provider Level 1 and uses HTTPS and HSTS for all services. Full details about Stripe’s security tools and practices can be found here.

3. Who at our firm can fill in the form to provide the additional KYC information?

Stripe requires that the person providing this information on behalf of the firm has “significant management responsibility or control over the organization, and be authorized to agree to Stripe’s terms.”

Stripe gives the following examples of executive officers or senior managers who may “exercise significant control” over the business: “CEO, CFO, COO, Managing Member, General Partner, President, Vice President, or Treasurer.”

The Government has issued guidance for companies and LLPs on what “persons with significant control” means. These people will include those who hold more than 25% of shares or voting rights in a company, have the right to appoint or remove the majority of the board of directors or otherwise exercise significant influence or control. According to statutory guidance, a person has “control” of a company where they “can direct [its] activities”; where a person can ensure the company adopts the activities which they desire, this is indicative of “significant influence”.
Please refer to Government Guidance for further information on “persons with significant control”.

4. Can our Finance Manager fill in the form? 

Stripe requires that the information is provided by a person who has “significant management responsibility or control” over your firm. See question 3. 

Whether your firm’s Finance Manager has “significant management responsibility or control” over the firm is fact dependent and will vary between firms.

5. What is Stripe?

Stripe is Legl’s FCA-regulated payment processor partner.

6. Who do I ask if I still have questions?

If you have any questions or are having any difficulties providing this information just email [email protected] and one of our team will reply shortly.

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